NEW YORK ( TheStreet) -- The number of U.S. homes in some stage of the foreclosure process fell 25% year-over-year in April, as fewer Americans fell behind on their mortgage loan payments and banks pursued other alternatives to foreclosure.
According to the LPS "First Look" Mortgage Report, the delinquency rate -- the percentage of mortgages that are more than 30 days past due but not in foreclosure -- fell to 6.21%, the lowest level since 2008.
The number of borrowers who were either delinquent or in the foreclosure process fell to 4.7 million in April, after dropping below 5 million in March, for the first time since 2008.
About 3.1 million borrowers are 30 days past due, while 1.58 million borrowers are at some stage of the foreclosure process.Both the foreclosure levels and the default rates remain well above average, a sign that the mortgage market has not yet completely healed despite a recovery in home prices. However, the declining pace of loan defaults defaults is good news. -- Written by Shanthi Bharatwaj New York. >Contact by Email. Follow @shavenk