Fewer home owners are losing their homes as the number of foreclosure filings sand to more than a 3-year low in April, RealtyTrac reports.
The number of foreclosure filings in April dropped 34% from a year ago. This also marks the 7th straight month of declines, reaching its lowest level since December 2007.
Foreclosure filings include notices of default, scheduled auctions and bank repossessions. 69,532 homes were repossessed in April 2011. This is an 8.6% drop from March 2011 and a 32% drop from last September’s peak.
Banks being blamed for faulty paperwork continued to slow the pace of foreclosure activity last month. With that said, many foreclosures still linger. About 3.7 million borrowers are at least 90 days late on their home payments.
There are hopeful signs of a turnaround. With the employment statistics rising, more home owners will make payments while banks complete more load modifications to keep borrowers in their homes. Banks completed 77,000 mortgage modifications in March 2011, a 26% increase from February 2011.
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