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Foreclosure Breather

April activity softens

May 7, 2007

By MortgageDaily.com staff

Monthly foreclosure activity fell.

Almost 100,000 pre-foreclosures and notices of pending foreclosure auctions were filed during April nationally, ForeclosureS.com announced today. Foreclosures fell from March's 115,700 filings.

The latest total included 59,241 pre-foreclosures and 40,107 auction notices, the foreclosure tracking company reported.

Real estate owned activity was 39,391 last month, down 14 percent from March, according to the report, based on 2 million property listings.

Nevada had the most pre-foreclosure filings per 1,000 households -- 3.1 in April, ForeclosureS.com said. But California, at 65,208, had the highest total pre-foreclosures filed. The Golden State was fueled from activity in Los Angeles and Riverside.

Both Nevada and Arizona, led by Maricopa County, topped the list of auction filings, at 1.3 per thousand, according to the report. Colorado saw 1.9 REO filings for every 1,000 households -- the highest of all states.

REO filings were greatest in Texas, which reportedly had 19,399. Dallas County and Houston area Harris County were responsible for much of the worsening.

By region, the Southwest saw the worst activity, "accounting for more than four out of 10 of all filings nationwide," ForeclosureS.com said.

Option One Mortgage Corp. was among a group of mortgage bankers to endorse a set of principles outlined Wednesday by Connecticut's Sen. Chris Dodd. A group including the senator and large mortgage players recently held a foreclosure summit to address the foreclosure Tsunami expected as a result of poor subprime underwriting last year.

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