Markets & Economy

Foreclosure activity tumbles to 6-year low in April

Scheduled auctions in judicial states climb to 30-month high

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Foreclosure activity hit a six-year low in April, according to the latest report from public records data aggregator RealtyTrac, although scheduled foreclosure auctions posted annual increases in 15 of 26 states where courts handle the foreclosure process -- a development that could help alleviate inventory shortages in some markets. The overall decline in foreclosure activity comes as other market bellwethers continue to point towards a recovery. Home prices in April reportedly posted their biggest annual gain in seven years, while new problem loans reportedly dropped to their lowest level in six years. In April, foreclosure-related filings -- default notices, scheduled auctions and bank repossessions -- dropped to 144,790, falling by 5 percent from March and 23 percent from April 2012, according to RealtyTrac’s April 2013 U.S. Foreclosure Market Report. That's the lowest level since February, 2007. "Many of the states hardest hit by the bursting housing bubble have worked...