Foreclosure filings, bank repossessions and similar actions increased 1% last month and were up 32% over April 2008, according to a report released today by RealtyTrac, an online seller of foreclosed properties.
There were actions taken on 342,038 properties during February, and one in every 374 housing units received a foreclosure filings.
Nevada continued to have the highest rate, with one in 68 households receiving foreclosure notices. The next highest were Florida, which had a rate of one in 135, and California with one in 138.
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The highest number of foreclosures occurred in California (96,560), Florida (64,588) and Nevada (16,266).
The Las Vegas metropolitan area continued to have the highest foreclosure rate (one in 57 units), which was a 20% decrease from March. The second highest was the Cape Coral-Ft. Myers, Fla. metropolitan area (one in 56 units), a 31% increase over March.
"Total foreclosure activity in April ended up slightly above the previous month, once again hitting a record-high level," said RealtyTract CEO James J. Saccacio said in a statement. "Much of this activity is at the initial stages of foreclosure-the default and auction stages-while bank repossessions, or REOs, were down on a monthly and annual basis to their lowest level since March 2008. This suggests that many lenders and servicers are beginning foreclosure proceedings on delinquent loans that had been delayed by legislative and industry moratoria."
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