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Foreclosure News | Foreclosure Resources

Foreclosures Ease

74,570 REOs filed during April

May 13, 2008

By MortgageDaily.com staff

Monthly foreclosure activity eased.

April foreclosures totaled 74,570, ForeclosureS.com announced Monday. The level of activity was down 5.0 percent from the previous month.

The Sacramento, Calif.-based foreclosure-listing Web site said it based the figures on 5.5 million property listings. Filings included notices-of-default, notices-of-foreclosure auction and REOs.

Pre-foreclosure filings were 179,046 last month, the statement said. Pre-foreclosures were down 7.5 percent from March.

During the first quarter, 213,927 REOs were filed, down from 197,736 in the fourth quarter, ForeclosureS.com said. The rate of first-quarter REOs was 2.8 for every 1,000 households, climbing from 2.7 REOs for every 1,000 households in the prior period.

California reportedly had the most REO filings year-to-date April, with 70,863, followed by Florida, at 24,764, and Arizona, which had 23,841 filings. Next was Texas, with 22,521 filings, then Michigan, at 20,069 REOs.

From January through April, Mississippi had the highest REO rate of any state at 17.2 for every 1,000 households, according to the report. Arizona followed, with 12.6 REOs per 1,000 households, then Nevada, at 11.3 for each 1,000 households. Colorado was No. 4, with 7.5 REOs per 1,000 households, and Michigan was No. 5, coming in at 6.7 REOs for every 1,000 households.

Looking at just pre-foreclosure filings, Nevada had the highest rate, followed by Arizona, Florida, California and New Jersey, ForeclosureS.com reported.

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