Foreclosure filings in the U.S. hit a new record in April, according to RealtyTrac monthly report released Wednesday.
RealtyTrac, the leading online marketplace for foreclosure properties, today released its April 2009 U.S. Foreclosure Market Report(TM), which shows foreclosure filings – default notices, auction sale notices and bank repossessions – were reported on 342,038 U.S. properties during the month, an increase of less than 1 percent from the previous month and an increase of 32 percent from April 2008. The report also shows that one in every 374 U.S. housing units received a foreclosure filing in April, the highest monthly foreclosure rate ever posted since RealtyTrac began issuing its report in January 2005.
“Total foreclosure activity in April ended up slightly above the previous month, once again hitting a record-high level,” said James J. Saccacio, chief executive officer of RealtyTrac. “Much of this activity is at the initial stages of foreclosure – the default and auction stages – while bank repossessions, or REOs, were down on a monthly and annual basis to their lowest level since March 2008. 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.”
As usual, the boom-to-bust markets dominated RealtyTrac’s list of foreclosure rates – accounting for more than 75% of the national total.
California documented the highest total (96,560), followed by Florida (64,588), Nevada (16,266) and Arizona (16,245).