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Foreclosure activity slips across US in April

Posted on Friday, May 16, 2014 at 6:48:02 AM

Across the country, fewer homeowners are having to deal with the hassle and worry of a foreclosure. In today's economy and housing market, more people are managing their monthly residential financing expenses and avoiding this process altogether.

This is based on recent information released by RealtyTrac, which indicated that foreclosure filings were down 1 percent between March and April. This past month, there were only 115,830 default notices, scheduled auctions and bank repossessions.

While overall numbers are down, many states reported higher numbers of bank repossessions, RealtyTrac explained.

"The rise in bank repossessions in many states is a sign that those markets are working through the final remnants of foreclosures left over from the recent housing crisis," said Daren Blomquist, vice president at RealtyTrac. "Many of these bank-owned homes are bottom-of-the-barrel properties in terms of location or condition, but they will provide some much-wanted inventory of homes for sale in some markets in the coming months."

In addition, the Mortgage Bankers Association noted that residential financing applications ticked up on a weekly basis on May 9. The Market Composite Index, which measures loan application volume, rose 3.6 percent from one week prior. The Refinance Index also increased, now up 7 percent, and at its highest level since April 11 of this year.