Lender Repossessions Dip Five Percent in April

May 13, 2008 No Comments »


In a sign that things may be stabilizing to some degree, both bank repossessions and pre-foreclosure activity dipped from March, according to the latest report from Foreclosures.com.

The foreclosure information website said mortgage lenders repossessed 74,750 homes as a result of foreclosure action during April, roughly five percent less than in March.

Additionally, pre-foreclosures in April dropped 7.52 percent from March, signaling that ramped up efforts from servicers and FHA expansion may be beginning to pay off, or at least offsetting the carnage.

The company also noted that 17 states had fewer REO filings from a year ago, but added that 3.8 of every 1,000 households, or 288,487 homes nationwide, have been repossessed this year.

Another 9.4 of every 1,000 households, or 696,925 homes, have reported some type of pre-foreclosure activity this year, including 179,046 in April.

Unsurprisingly, California led the nation in REO filings during April, with 70,863, followed by Florida with 24.764, and Arizona with 23,841.

Mississippi led the nation in REO rate with 17.2 of every 1,000 households bank owned, followed by Arizona at a rate of 12.6 per 1,000, and Nevada at 11.3 per 1,000.

On a positive note, pre-foreclosure filings fell substantially from March to April in hot spots like Nevada and California, down 24.68 percent and 17.58, respectively.

(photo: o2ma)

Leave A Response