Record Numbers Of Foreclosures In April Analysts Show

By Janet Peterson on May 17, 2010, 8:39 pm Posted in Finance News

There are positive signs that the foreclosure crisis may be coming to an end with the amount of delinquent mortgages being reported, but this report wasn’t all good news. It was reported though, that the number of homes facing the possibility of foreclosure had decreased by 2% in April as compared to last April.

Now For The Rest Of The Story

Even though the number of late mortgages are decreasing (this was the first decline in this annual figure in 5 years,) one agency, RealtyTrac Inc. reports that there were over 90,000 seizures last month. A record number of 92,000 to be exact. They are also reporting that there are millions to come though, and considering the slow rebounding of the economy in other sectors it could easily be believed. Lender Processing Services Inc., a mortgage data research firm, claims that 12% of the mortgages in the U.S. or an estimated 7.4 million borrowers have missed at least 1 payment or have received notice of foreclosure in March.

RealtyTrac’s Report Is For The Houses IN Foreclosure

RealtyTrac, is a foreclosure listing firm, so the statistics from this company is for houses that have been filed on. They report that the month of April only held 334,000 new foreclosures, or 1 in every 380 houses, that were served. This figure is down more than 9% since March. It is speculated that the present economic situation, long-term unemployment, and lower wages are major aggravating factors to the situation.

 

It is believed that with economic and employment market improvements that the housing markets will even out and the rate of foreclosures will be reduced also. Presently lenders are offering many programs to assist those facing foreclosure, though the amount of endangered mortgages that are accepted into such programs vary greatly. On the up-side to all of this 9 out of 10 cities with the biggest amount of foreclosures experienced declines in the new foreclosures over the last year. This could be seen as a positive sign.

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2. Unemployment-Deficit-Housing Market:This Is Economic Recovery
3. Foreclosure Epidemic Stemmed Using Court-Ordered Mediation
4. Bank Foreclosures: Record High Foreclosures During Fiasco Period
5. Lowest Demand For Mortgages In Six Months