This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Foreclosures at 40-Month Low

NEW YORK ( MainStreet) -- Foreclosure activity decreased by 9 percentage points to a 40-month low in April, according to new data released Thursday by Realty Trac, a firm that monitors the foreclosure market.

In total, 219,258 U.S. properties were in some stage of foreclosure -- including default notices, scheduled auctions and bank repossessions -- with one in every 593 U.S. housing units receiving a foreclosure filing over the course of the month.

In addition to the month-over-month decrease, the numbers represent a 34-percentage point decrease from April 2010.

"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," James J. Saccacio, chief executive officer of RealtyTrac said in a written statement.

RealtyTrac said the robo-signing controversy of October 2009 that led to a residual and persistent filing freeze across the nation still had a hand in the http://www.mainstreet.com/article/real-estate/shadow-inventory-hurts-housing artificially low numbers.

However, Rick Sharga, RealtyTrac's senior vice president, added that the current sluggish housing market was also slowing down foreclosure filing procedures.

"Banks will only repossess homes as quickly as they can sell them," Sharga said. "Part of the recovery hinges on whether or not people start buying homes."

Sharga said that the complications could delay any significant recovery in the housing market for the next three to four years. He likened the current state of the market to a vicious cycle, as distressed properties continue to cause home values to remain low and thereby dissuade many from selling their homes and buying new ones.

State by state, Nevada continued to post the nation's highest foreclosure rate for the 52nd straight month, with one in every 97 housing units receiving a foreclosure filing in April. Second was Arizona where one in every housing units entered foreclosure filing in April.

Other states with high foreclosure rates last month include California, Utah, Michigan, Florida, Georgia, Colorado and Oregon.

--For the best rates on loans, bank accounts and credit cards, enter your ZIP code at BankingMyWay.com.

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG
AAPL $122.37 -0.50%
FB $95.21 -1.84%
GOOG $632.59 0.10%
TSLA $266.79 1.13%
YHOO $37.42 -0.66%

Markets

Chart of I:DJI
DOW 17,745.98 -5.41 -0.03%
S&P 500 2,108.63 +0.06 0.00%
NASDAQ 5,128.7850 +17.0520 0.33%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs