According to Foreclosure marketer RealtyTrac properties in all stages of foreclosure from default notices to auctions and repossessions were down 9 percent in April compared with March. They fell 2 percent compared with April 2009. RealtyTrac also reported that default notices were down 27 percent year over year.
The foreclosures are plateauing, but won’t drop off dramatically any time soon, predicts RealtyTrac CEO James J. Saccacio. He pointed out that although default notices have dropped, repossessions are at a record level, indicating that banks are working through their backlogs.
California, Florida, Michigan, Illinois, and Nevada are the five states that account for 52 percent of the total number of foreclosures. The states rounding out the top 10 are Arizona, Georgia, Texas, Ohio, and Virginia.