Foreclosures up less than 1 percent in April, increase 32 percent from year ago. Foreclosure filings, which include default notices, auction sale notices, and bank repossessions, were reported on 342,038 U.S. properties in April, an increase of less than 1 percent from the previous month and an increase of 32 percent from the same period a year ago, according to a report released today by RealtyTrac®. The report also shows that one in every 374 housing units nationwide received a foreclosure filing in April.
“Much of this activity is at the initial stages of foreclosure, while bank repossessions, or REOs, were down on a monthly and annual basis to their lowest level since March 2008,” said James J. Saccacio, chief executive officer of RealtyTrac®. “This suggests that many lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria. It’s likely that we’ll see a corresponding spike in REOs as these loans move through the foreclosure process over the next few months.”
Foreclosure activity in California decreased 10 percent in April compared with March, although the state still posted the nation’s third highest state foreclosure rate in April, with one in every 138 housing units receiving a foreclosure filing during the month. Total foreclosure activity in California was up 42 percent last month compared with the same period a year ago, according to the report.