More U.S. homeowners fell behind on mortgage payments last month, driving the number of homes facing foreclosure up 65 percent 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 percent from 147,708 in the same month last year and up 4 percent 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.
And from the LA Times:
California’s foreclosure crisis passed another ominous milestone in April, when more than 1,000 foreclosed homes were auctioned off every weekday at courthouses across the state, the auction tracking firm ForeclosureRadar reported today.
The April total of foreclosure sales at auction — 22,838 for the state — represents a jump of 44% over March totals and the highest level ever in California, ForeclosureRadar reports.
And, finally, a realistic assessment of the data:
“We expected a significant increase in auction sales based on previous default patterns,” said Sean O’Toole, founder of ForeclosureRadar. “Unfortunately, the continued increases in defaults tell us that the worst is still ahead.”
US foreclosure filings surge 65 percent in April
Foreclosure flood: 1,000 auctions per day in California
Los Angeles Times