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January sees 1 percent increase in foreclosures

Though foreclosures increased in January, the rate's 17 percent lower than what it was a year ago.

Though foreclosures increased in January, the rate's 17 percent lower than what it was a year ago.

The housing market may not be out of the woods yet, but a recent foreclosure report continues to show that it's at the very least on the mend.

According to RealtyTrac and its monthly foreclosure market report, foreclosure filings in the U.S. ticked up slightly in the month of January compared to December, but compared to January 2010, the rate decreased 17 percent.

"We've now seen three straight months with fewer than 300,000 properties receiving foreclosure filings, following 20 straight months where the total exceeded 300,000," said James Saccacio, chief executive officer of RealtyTrac. Saccacio went on to say that the number of distressed properties may actually be higher, as lenders have likely become overloaded with foreclosure reviewing procedures.

Nevada continues to bear the brunt of the foreclosure crisis, as the report says that one in every 93 housing units received a foreclosure notice in January.

Unfortunately, more may be on the way, as CoreLogic issued a report earlier this week that people planning on moving to Nevada should be aware of. Their report said that 71 percent of homeowners in Clark County and 53 percent of homeowners in Washoe County are underwater, or owe more on their mortgage than their home is worth.