Fewer people received mortgage default notices in April, according to a report by foreclosure data company RealtyTrac. At the same time, bank repossessions shot up to a new monthly high. "(Those) were two important milestones ... that show foreclosure activity has begun to plateau -- but at a very high level that will not drop off in the near future," said James J. Saccacio, ReatyTrac's CEO, in a statement. "We expect a similar pattern to continue for most of this year, with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process as lenders systematically work through the backlog of distressed properties," Saccacio added. Total foreclosure activity -- default notices, scheduled auctions and bank repossessions combined -- fell 2 percent year-over-year and 9 percent month-to-month, to 333,837 properties. That decrease comes after foreclosure activity ramped up in the first quarter, mostly in th...
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