Foreclosures fell year-over-year for the first time since RealtyTrac began measuring them in January 2006. The total number of foreclosure filings, which include notices of default, scheduled auctions, and bank repossessions, dropped 2 percent from a year ago and 9 percent from March. James Saccacio, RealtyTrac’s CEO, said the numbers suggest foreclosure activity has begun to plateau but will not drop off anytime soon. Saccacio believes the overall numbers will stay high and repossessions will hit record levels as lenders work through the backlog of distressed properties. In April, 92,432 homes were repossessed, a 45 percent increase over the same month last year. More here, here, and here.
Theresa Springer’s Blog
Total Foreclosure Filings Fall, Repossessions Rise
May 13, 2010
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