Foreclosure activity hits 40-month low in April

Average foreclosure timeline grows to 400 days

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.