MIAMI, Fla. (CitizenWire) — Foreclosure Deals, a leader in providing listings of foreclosed homes for sale nationwide, reported today that foreclosure filings in April fell 9% from the previous month, and over 2% from April of 2009. The company also revealed that default notices, which mark the beginning of a new foreclosure, were down 12% from March and over 27% from the previous year, while bank repossessions (also known as REOs) of existing foreclosures hit a record high. These facts lead experts to believe the foreclosure market could be leveling off.
“Fewer foreclosure homes coming onto the market and more foreclosures being resolved by bank repossession is certainly a sign that the market is contracting,” remarked James Foxx, a business analyst with Foreclosure Deals. “We have yet to see how this trend will play out, but if it continues it will lead to fast-growing foreclosure property values for foreclosure investors who act now.”
The statistics show that the highest volume of foreclosures is concentrated in 5 states: Florida, California, Michigan, Illinois and Nevada. These states account for just over 50% of the national total. The Top 5 states for foreclosure rates remain Nevada, Arizona, Florida, California and relative newcomer Utah. Michigan saw the highest increase in foreclosures in the past year at 77%, while California saw the biggest drop, down 29%. California also saw the biggest monthly drop at 27%, with Georgia close behind, falling 21%.
Reno, NV was the only city among the Top 10 cities for foreclosure rates that saw an increase in foreclosures from April of 2009, another good sign for the national market. Other cities like Las Vegas, NV; Modesto, CA; Bakersfield, CA; Phoenix, AZ; Cape Coral, FL and Fort Myers, FL, all saw their foreclosure rates decrease over the past year.
Other states in the Top 10 for foreclosure rates were Idaho, at 1 in 226 homes; Georgia at 1 in 288 homes; and Colorado, at 1 in 337 homes. Despite being among the Top 10 states for foreclosure volume, Texas, Ohio and Virginia were not among the Top 10 states for rates of foreclosure.
Foreclosure Deals specializes in providing the most recent foreclosure news and information, as well as foreclosure listings from across the nation. Visit www.ForeclosureDeals.com to learn more.