- Record number of foreclosure fillings took place during April. But number of repossessions fell 11%
- Foreclosures in April exceeded March’s pace with a record 342,000 homes receiving defaults, auction notices or undergoing bank repossessions.
- MoM filings rose 1% compared to March
- YoY filings rose 32% compared with April 2008
- Of the foreclosures there were 63,900 foreclosures.
- More than 1.3 million homes have now been lost to foreclosure.
- Because fewer loans entered the process in past months, there had been fewer getting all the way to repossession.
- Now those moratoriums are over, volume of foreclosure fillings in increasing.
"[The home price decline] will lead to more foreclosures, People are making the rational financial decision to walk away from underwater homes,"- Mike Larson (Real estate analyst)
Source: CNN Money
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