Industry NewsMortgage

Foreclosures plateau at new high

RealtyTrac sees more homes in initial stages of process

Don't miss the real estate event of the summer
Join 4,000 real estate pros at Connect SF, Aug 7‑11, 2017

The number of foreclosure-related filings on U.S. homes increased slightly from March to April, hitting a new high for the downturn, according to data aggregator RealtyTrac. The 342,038 foreclosure-related filings recorded by RealtyTrac in April represented an increase of less than 1 percent from March, but a 32 percent increase from the year before. The rate of filings -- one for every 374 homes -- represented a high dating back to January 2005, when RealtyTrac began reporting. Not every home subjected to a filing will ultimately be repossessed by lenders. RealtyTrac tracks public records generated as properties move through three phases of foreclosure -- default, notice of foreclosure sale, and repossession by lenders. RealtyTrac Chief Executive Officer James Saccacio said many properties subjected to filings in April were in the initial stages of foreclosure -- default and auction -- while bank repossessions were down on a monthly and annual basis to their lowest leve...