Foreclosures fell 28 percent from last year nationally during the month of January, the Lexington Herald Leader reported.
It was an l 11 percent drop from December, according to RealtyTrac Inc., a foreclosure listing firm.
Fewer homes were also repossessed compared to February 2008.
California took a huge hit during the housing market crisis, since most of the housing impacted national levels. California's foreclosures declined prominently from 75 percent to 62 percent, much awaited good news and likely a gradual step in aiding the recovering economy and housing market since California is the nation's largest and most populous state.
What's helped ease homeowners were the latest laws that were enforced Jan. 1, which boosted homeowner protection through allocating more time to avoid losing homes.
It stated lenders should have homeowners negotiate modification for their loans and seek alternative measures, if that doesn't work they can sue the lenders to prevent foreclosure in return for monetary relief, reported The Lexington Herald Leader.
Nevada and Washington had comparable measures in place, too. However, home auctioning increased between last December and January for 26 states plus the capital, Washington D.C.
Florida, Illinois and Pennsylvania's foreclosure auctions were also at an all time high.
But it's not all good news. Maryland and Ohio are seeing homes repossessed the most. Maryland's increased 50 percent and Ohio's 23 percent from a year ago. Lenders are repossessing most of these homes.
"Unfortunately, down the road, we usually see a boomerang effect as some of those delayed foreclosures come back and actually end up being foreclosed-upon," said, vice president at RealtyTrac. Daren Blomquist told The Leader.
He predicts this year, more than half a million homes will be repossessed by lenders.
