IRVINE, CA— RealtyTrac® (www.realtytrac.com), the leading online marketplace for foreclosure properties, released its U.S. Foreclosure Market Report™ for April 2011, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 219,258 U.S. properties in April, a 9 percent decrease from March and a 34 percent decrease from April 2010. The report also shows one in every 593 U.S. housing units received a foreclosure filing during April 2011. “Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low,” said James J. Saccacio (top right photo), chief executive officer of RealtyTrac. “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.
“The first delay occurs between delinquency and foreclosure, when lenders and services are no longer automatically pushing loans that are more than 90 days delinquent into foreclosure but are waiting longer to allow for loan modifications, short sales and possibly other disposition alternatives,” Saccacio continued.
“Data from the Mortgage Bankers Association shows that about 3.7 million properties are in this seriously delinquent stage. The second delay occurs after foreclosure has started, when lenders are taking much longer than they were just a few years ago to complete the foreclosure process.”
For a complete copy of the report, please contact:
Michelle Sabolich
Atomic Public Relations
415.593.1400, ext. 1233
