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Foreclosure activity hits 40-month low in April

Average foreclosure timeline grows to 400 days

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U.S. foreclosure filings on U.S. properties fell 34 percent year-over-year in April, according to a report from foreclosure data site RealtyTrac. One in every 593 housing units, or 219,258 properties, received a foreclosure filing -- default notice, scheduled auction, or bank repossession -- last month. That's a 9 percent drop from March and a 34 drop from April 2010. "Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low," said James J. Saccacio, RealtyTrac's CEO, in a statement. "This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure." States with a judicial foreclosure process saw activity decrease 47 percent year-over-year in April, while states with a nonjudicial foreclosure process saw activity fall 26 percent year-over-year. In the first quarter, com...