Foreclosures Down in April on Processing Delays

Irvine, CA, May 12, 2011 -- Foreclosure processing delays have resulted in fewer repossessions in April compared to a year ago, according to tracking firm RealtyTrac.

The delays are threatening to drag out a housing recovery, RealtyTrac said.

It's taking longer for lenders to move against homeowners who have stopped paying their mortgage and to take back homes already in some stage of the foreclosure process. In some places the whole process can take more than two years.

The firm said that it's going to take between three to four years just to get those loans into foreclosure at the current pace.

Banks repossessed 69,532 homes last month, down 5 percent from March and down 25 percent compared with April of last year.

The number of properties receiving an initial notice of default fell to 63,422, down 14 percent from March and down 39 percent from April, 2010.