April Foreclosures Filings are Down, but Bank Repossessions are Still High

Published: May 15, 2014

LendingMemo / Foter / Creative Commons Attribution 2.0 Generic (CC BY 2.0)

According to information from RealTrac, property foreclosures filings registered a 1 percent decline compared to last month and a 20 percent decline compared to April of last year. This makes a total of 115,830 foreclosure filings or 1 in every 1,137 housing units in America.

On the other hand, April bank repossessions saw an increase of 4 percent compared to March, “although they were still down 14% from a year ago.” In sixteen states, however, bank repossessions increased even compared to last year. Those were as follows: “New York (142% increase), Oregon (91% increase), New Jersey (58% increase), Illinois (55% increase), Indiana (52% increase), Maryland (45% increase), Connecticut (44% increase), California (27% increase), and Nevada (15% increase).”

According to the Vice President of Daren Blomquist, the year-over-year increase is due to the fact that the markets in these states “are working through the final remnants of foreclosures left over from the recent housing crisis.”

As for scheduled foreclosure auctions, they saw a decrease of 3 percent compared to last month and a 21 percent one from a year ago.

Read the full article in the Housing Wire.

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Victor Lance is the founder and president of Lance Surety Bond Associates, Inc. He began his career as an officer in the U.S. Marine Corps, serving two combat tours. As president of Lance Surety, he now focuses on educating and assisting small businesses throughout the country with various license and bond requirements. Victor graduated from Villanova University with a degree in Business Administration and holds a Masters in Business Administration (MBA) from the University of Michigan's Ross School of Business.