Foreclosure Filings Plunge 23 Percent Year-Over-Year
New research indicates that overall foreclosure activity dropped in April, providing further evidence that the housing market is continuing to recover following the Great Recession.
Recently on this blog, we reported that completed foreclosures in the United States had increased 6 percent from February to March. However, new research indicates that overall foreclosure activity dropped in April, providing further evidence that the housing market is continuing to recover following the Great Recession.
According to RealtyTrac, a real estate information company and an online marketplace for foreclosed and defaulted properties, the number of foreclosure filings decreased 5 percent from March to April and dropped a whopping 23 percent compared to this time last year. The data reveals that foreclosure activity is now the lowest it has been in 74 months. In April, there were 144,790 properties throughout the country being targeted with default slips, scheduled auction notices and bank repossessions, reports the source.
As for foreclosure starts, there were 70,133 in the same month – down 4 percent from March and 28 percent from April 2012.
Foreclosure activity varies from one state to the next, according to the data. The state with the highest rate currently is Nevada, followed by Florida and Ohio.
If you're behind on your mortgage payments, there may be financial options you can pursue that will help you ensure that your property is not repossessed. At Atlas Law Firm, we specialize in assisting Minnesota homeowners who want to avoid a Twin Cities, Carver or Anoka County foreclosure by providing foreclosure consultation. Our experts can give you detailed information regarding bankruptcy, loan modification and foreclosure postponement so that you can make the best decision for your family and keep your house.