In January, foreclosure filings in the U.S have increased 15 percent and surpassed 300,000 for the 11^th month straight.

According to RealtyTrac Inc 315,716 properties have received a default notice, auction notice or were repossessed by the bank during the month of January.

RealtyTrac predicts REO’s will increase to 3 million during 2010. According to the Treasury Department, 66,000 delinquent loans have been permanently modified under the President Barack Obama’s “Home Affordable Program.” More than 787,000 homeowners are in trial with the “Home Affordable Program.”

“It’s almost inevitable that modifications will fail,” Michelle Meyer, New York-based U.S. economist for Barclays Capital Inc., said in an interview. “Over the next several months, we should see REOs increase at an accelerated pace.”

According to RealtyTrac, last year during the month of January foreclosure filings dropped from December or 2008.

“If history repeats itself we will see a surge in the numbers over the next few months as lenders foreclose on delinquent loans where neither the existing loan modification programs or the new short sale and deed-in-lieu of foreclosure alternatives works,” James J. Saccacio, RealtyTrac chief executive officer, said in the statement.

Stan Humphries, chief economist at Zillow.com, reported unemployment and underwater mortgages will continue to add to the foreclosure total. According to Zillow.com more than 20 percent of U.S homeowners owe more on their properties than what the actual property is worth.

In January, the unemployment rate dropped to 9.7 percent, reported the Labor Department. Since the recession began in December of 2007 more than 8.4 million jobs have been lost. Since President Obama took office more than 4 million jobs have been cut.

According to RealtyTrac, January’s total filings have dropped from July’s peak.

For the 37^th straight month Nevada has the highest foreclosure rate in all of U.S. In Nevada one in ever 95 household received a filing during January.

With one in every 129 households receiving a filing in January, Arizona ranks the second highest foreclosure rate in the U.S.

In Florida and California, one in 187 household receive a filing.

Amongst the top ten of foreclosure rate are Georgia, Utah, Michigan, Oregon, Illinois, and Idaho.

California received the most filings with 71,817 which are down 6.4 percent from last year.

Florida ranked second with 47,069 which is up 15 percent, and Arizona came in third with 21,048 receiving a filing which is up 43 percent. The three states made up 44 percent of the U.S filing total.