Foreclosure Activity Goes Down 9% in April *
while
“bank repossessions, or REOs, hit a record monthly high for the report even while default notices dropped substantially on a monthly and annual basis. We expect a similar pattern to continue for most of this year, with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process as lenders systematically work through the backlog of distressed properties.”
From RealtyTrac’s Latest Report
* Update: Just to clarify, I found it odd that the headline of the report was that foreclosure activity was down, while REOs are setting a record and tried to convey that semi-unsuccessfully. I apologize if this post comes across as misleading.
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