U.S. foreclosures surged in January

NEW YORK, Feb. 26 (UPI) -- Foreclosure rates in the United States jumped 57 percent in January compared with figures from a year ago, RealtyTrac reported Tuesday.

The study showed 233,001 homes in the United States were subject to foreclosure last month, up 8 percent from December.

The monthly figure is "not as precipitous as the 19 percent spike we saw in January of 2007," said James J. Saccacio, chief executive officer of RealtyTrac.

Saccacio said several states experienced declines in their monthly foreclosure rates, which could mean "some of the efforts on the part of lenders and the government ... are beginning to take effect."

Nevada, where a housing boom of recent years has crashed, saw the highest foreclosure rate, the report said. The monthly rate of foreclosures in Nevada dropped 45 percent, but remained 95 percent above its rate a year ago. In Nevada, 6,087 homeowners suffered foreclosure last month.

California's rate ranked second in the nation, followed by Florida.

The top ten states for foreclosures included Arizona, Colorado, Massachusetts, Georgia, Connecticut, Ohio and Michigan.