RealtyTrac released U.S. Foreclosure Market Report for April 2011, which shows foreclosure filings, default notices, scheduled and bank repossessions — were reported on 219,258 U.S. properties in April, a 9 percent decrease from March and a 34 percent decrease from April 2010.
“Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio, chief executive officer of RealtyTrac. “This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure.”
There is still a staggering amount of foreclosures in the pipeline that still need to move into the market. A portion of the decrease is due to banks not pushing the foreclosure process, but instead allowing time for loan modification and short sales.
To find out more information about foreclosures in your area, click here.
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