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US Foreclosure Activity Shifting Eastward

IRVINE, CA-Eleven of the 20 largest US metros post foreclosure increases in April—all in the Midwest, South and East Coast.

By Carrie Rossenfeld | Updated on May 23, 2012

IRVINE, CA-Foreclosure filings including default notices, scheduled auctions and bank repossessions were reported on 188,780 US properties in April, the lowest monthly total since July 2007, according to RealtyTrac’s US Foreclosure Market Report for April. Foreclosure activity decreased 5% from the previous month and was down 14% from April 2011; one in every 698 US housing units had a foreclosure filing during the month.

“Rising foreclosure activity in many state and local markets in April was masked at the national level by sizeable decreases in hard-hit foreclosure states like California, Arizona and Nevada,” says Brandon Moore, CEO of RealtyTrac. “Those three states, and several other non-judicial foreclosure states like them, more efficiently processed foreclosures last year, resulting in fewer catch-up foreclosures this year.” Moore adds that more distressed loans are being diverted into short sales rather than becoming completed foreclosures, and that pre-foreclosure sales—which are typically short sales—are on pace to outnumber sales of bank-owned properties during the quarter in California, Arizona and 10 other states.

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