RealtyTrac Reports U.S. Foreclosure Activity Increases 3 Percent in April to 18-Month High Driven by Rising Bank Repossessions

Daren Blomquist

IRVINE, CA,  May 21, 2015 — RealtyTrac®(www.realtytrac.com), the nation’s leading source for comprehensive housing data, today released its April 2015 U.S. Foreclosure Market Report™, which shows foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 125,875 U.S. properties in April of 2015, up 3 percent from the previous month and up  9 percent from a year ago, an 18-month high.

The U.S. foreclosure rate in April was one in every 1,049 housing units with a foreclosure filing.

“The REO increase in April was foreshadowed by a 23-month high in scheduled foreclosure auctions in October 2014,” said Daren Blomquist, vice president at RealtyTrac.

 “Many of those scheduled auctions are now taking place, and properties are going back to the foreclosing lender. 

Mark Hughes

"Meanwhile we continue to see foreclosure starts decrease, and foreclosure starts nationwide are now running consistently below pre-crisis levels — indicating that the overall increase in foreclosure activity in April is a continuation of the clean-up phase of the last housing crisis, not the start of a new crisis.

“We’ve seen distressed inventory work its way through the auction and REO process at a varying pace depending on local market conditions and price points,” said Mark Hughes, chief operating officer with First Team Real Estate, covering the Southern California market. 

“The uptick in April is a natural part of that flow toward equilibrium and a more stable market.”

For a complete copy of the company’s news release, please contact:

Ginny Walker

949.502.8300, ext. 268

ginny.walker@realtytrac.com