Industry News

Foreclosure activity up 62% from last year

RealtyTrac reports increase in April filings

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Foreclosure activity in April was up 62 percent from the same month a year ago, despite its 1 percent drop from the previous month, a foreclosure tracking service reported. A total of 147,708 foreclosure filings -- including default notices, auction sale notices and bank repossessions -- were reported during the month, according to RealtyTrac. The company also reported a national foreclosure rate of one foreclosure filing for every 783 U.S. households in April. Nevada, Colorado and Connecticut had the top foreclosure rates in the nation, according to RealtyTrac's data. Slowing sales and price appreciation, along with the impact of rising mortgage payments for home buyers who got in over their heads with exotic loans, have contributed to rising foreclosures. A March report by First American CoreLogic Inc. predicts 1.1 million foreclosures nationwide in the next six to seven years among adjustable-rate mortgage loans that originated from 2004-06. While RealtyTrac states ...