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Foreclosure House Auctions for Sale Declined in April

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By : John Cutts    99 or more times read
April showed a decline in the number of foreclosure house auctions for sale in the U.S., as general foreclosure activity also declined. Record number of repossessions happened during the month, but lenders started foreclosure proceedings on hardly any of them, leading to real estate analysts’ claim that loan failures have reached a plateau.

Analysts also predicted that there will be no significant improvement for the housing market for the rest of the year. They asserted that high unemployment rates and mortgage modifications are only delaying what could be inevitable for most borrowers – and that is having their properties become foreclosed homes for sale.

Foreclosure filings for April recorded a nine percent decline from March and a two percent drop compared with a year ago. These filings include bank owned homes for sale, default notices and scheduled property auctions. The April statistics showed the first ever year-over-year decline since January 2006.

During the month, default notices were filed by lenders on more than 100,000 homes which represent a 12% decline from a month ago and a 27% drop from a year ago. Meanwhile, repossessed houses totaled 92,432 which translate to a one percent rise from a month ago and a 45% climb compared with 2009.

Default notices were sent out to 333,837 households, with majority of these properties expected to end up as foreclosure house auctions for sale despite borrowers’ efforts to keep their homes by using federal programs and by acquiring altered mortgage terms. Analysts predict that 2010 will still be a difficult year for the housing industry, with over one million homes facing foreclosure and around five million households suffering from loan delinquency.

Studies which focused on by state data showed that foreclosure activities declined in nine out of ten major metropolitan areas compared with the previous year. Las Vegas still has the highest rate of foreclosure among major cities, with metropolitan areas in Florida and California also dominating the list.

April also showed that 137,643 residences were scheduled foreclosure house auctions for sale in April. Although this represents a 13% decline from a month ago, analysts believe that it is only a temporary reprieve and that foreclosure numbers will continue to reach record highs in the coming months.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.

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