FORECLOSURE activity fell in April by nine per cent from March and two per cent from a year ago, RealtyTrac said yesterday. This was the first year-on-year drop since RealtyTrac started tracking annual foreclosure rates in January 2006.
“What we’re really seeing is the effect of lenders slowing down the initial notices of default while they are processing what’s already in the pipeline,” Rick Sharga, senior vice president at RealtyTrac said.
Lenders filed default notices on 103,762 properties in April, down 12 per cent in the month and 27 per cent from a record 142,000 one year ago. Banks, meanwhile, took control of 92,432 properties in the month, a record, up one per cent from March and 45 per cent from a year earlier. “The housing market is still in critical condition but is stable,” Sharga said.
City A.M. Reporter