Foreclosure Activity Eased in April, but Repossessions Set a Record

U.S. foreclosure filings in April declined by 9% from March, as one in every 387 U.S. housing units received a filing during the month, RealtyTrac announced on May 13. Filings were down by 2% over April 2009, the firm said in its report.

By type of foreclosure activity, default notices fell by 12% from March and by 27% from a year earlier. Foreclosure auctions were scheduled for 13% fewer properties in April than a month earlier, but auction activity was up 1% from April 2009. Bank repossessions (REOs) hit a record monthly high. Lenders repossessed more than 92,000 properties, a 1% increase over March and a 45% increase over a year ago.

This pattern of high REOs and declining default notices will likely persist in the near term, according to James Saccacio, RealtyTrac’s chief executive. “We expect a similar pattern to continue for most of this year, with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process as lenders systematically work through the backlog of distressed properties,” Saccacio said in the announcement.