IRVINE, Calif.– More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65% versus the same month last year and contributing to a deepening slide in home values, a research company said Tuesday.
Nationwide, 243,353 homes received at least one foreclosure-related filing in April, up 65% from 147,708 in the same month last year and up 4% since March, RealtyTrac Inc. said.
Nevada, Arizona, California and Florida were among the hardest hit states, with metropolitan areas in California and Florida accounting for nine of the top 10 areas with the highest rate of foreclosure, the company said.
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Irvine, Calif.-based RealtyTrac monitors default notices, auction sale notices and bank repossessions.
One in every 519 U.S. households received a foreclosure filing in April. Foreclosure filings increased from a year earlier in all but eight states.
The combination of weak housing sales, falling home values, tighter mortgage lending criteria and a slowing U.S. economy has left financially strapped homeowners with fewer options to avoid foreclosure. Many can't find buyers or owe more than their home is worth and can't get refinanced into an affordable loan.
Efforts by government and the mortgage industry to stem the tide of foreclosures aren't keeping up with the rising number of troubled homeowners.
The April data show nearly half of the properties received an initial notice of default, suggesting many homes were new entrants to the foreclosure process.
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