FORECLOSURES JUMP 65% IN APRIL

If you are in the real estate market right now you know, it is dominated by Foreclosures and Short Sales. They are pushing prices lower. Until we get them worked through the system, prices will continue to drop. The good news is inventory levels continue to drop. I believe that is because the owner that "doesn't have to sell" and doesn't want today's value is just taking their home off the market.

Foreclosure rate skyrockets in April
Posted May 14th 2008 8:40AM by Michael Fowlkes
April saw a 65% increase in foreclosures from the same month a year ago.The numbers pretty much speak for themselves, with 243,353 receiving notices in April. This is a vast increase from April 2007, when "only" 147,708 homes received the same notice. This was also a 4% increase from March. The numbers are based on a report from RealtyTrac Inc.Homeowners in California and Florida are among the hardest hit. The two states had 9 metropolitan areas that ranked in the top ten areas of the country in terms of foreclosures..As big as America is, it is hard to really visualize just how severe this problem has become. So, let's put it in terms that are a bit easier to comprehend. Of all the homeowners in the country, 1 out of every 519 homes received foreclosure notices in the month. That's pretty scary if you think about it. Only 8 states did not have a higher foreclosure rate in April than they did in April of last year.The main reasons for the rise in foreclosures is nothing new, and you are probably already too aware of all of the following factors; falling home sales, falling home prices, tighter mortgage lending and refinancing, and the slowing U.S. economy. These all add up to the perfect storm for homeowners.
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