Repossession figures in the USA have set a record all time high in April as foreclosure filings fell for the first time in four years.
A new report claims that this could be a sign that lenders could be delaying new default actions as they seize properties .
However, it is anticipated that monthly foreclosure filings will remain high level as unemployment remains high and more property owners find themselves in negative equity as prices continue to all rise in certain areas, says a RealtyTrac report.
It would appear that banks are sticking to processing the loans already in foreclosure and slowing down new foreclosure proceedings to inventory levels.
The trend is likely to last a while.
A record 92,432 bank repossessions were reported in April, up 45% from 12 months earlier and 1% from March.
Foreclosure filings, including default and auction notices, were 333,837, which means that 1 out of every 387 US households got a filing.
Repossessions at an All Time High in the USA
Wed, 26 May 2010
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