Foreclosures Show No Signs of Easing

Irvine, CA, May 14, 2008--Foreclosures rose 65 percent in April compare to a year ago as more homeowners fell behind on mortgage payments last month, according to research firm RealtyTrac Inc.

Nationally, 243,353 homes received at least one foreclosure-related filing last month, up from 147,708 a year ago and up 4 percent since March. Overall, nearly 2 percent of homeowners were in some part of the foreclosure process.

Nevada, Arizona, California and Florida were the hardest hit states, with metropolitan areas in California and Florida accounting for nine of the top 10 areas with the highest rate of foreclosure, RealtyTrac said.

One in every 519 U.S. households received a foreclosure filing in April. Filings increased from a year earlier in 42 states.

The combination of depressed housing prices, stricter mortgage lending criteria and a slowing economy has given homeowners fewer options to avoid foreclosure.

In April nearly half of the properties received an initial notice of default, which means many of them are at the beginning of the foreclosure process.

Forecasts predict that more than 1 million home foreclosures could be in foreclosure this year.

More than 54,500 properties were repossessed by lenders last month.

California had the most properties facing foreclosure at 64,683, an increase of 112 percent from April 2007.