RealtyTrac's latest U.S. Foreclosure Market Report for April 2014 revealed foreclosure filings were down 1
percent from March, totaling approximately 115,000. April's figure reflects a year-over-year decrease of 20
percent. Although the month saw a decrease in overall foreclosure activity, bank repossessions increased 4
percent from March. REO properties, which totaled roughly 30,000 in April, are still down 14 percent from a
year ago. Foreclosure auctions in April fell 3 percent for the month, and are down 21 percent from last year.
New foreclosure starts declined nationally, but are up from a year ago in 16 states, according to
RealtyTrac. Nationally, a total of approximately 54,000 U.S. properties started the foreclosure process in
April, down 2 percent from the previous month and down 22 percent from April 2013. States with the top
foreclosure rates include Florida, Maryland, Delaware, Indiana, and New Jersey. Florida’s foreclosure
numbers were particularly notable, with 11 of the top 20 metros in foreclosure rates residing in the
Sunshine State.
Americans increased their borrowing in the first quarter, but little of that stemmed from new mortgage
lending, according to data released by the New York Federal Reserve. The agency recorded an increase of
129 billion dollars in national outstanding household debt in the first three months of the year. Leading the
increase was a rise in mortgage debt, which was up by 116 billion dollars from the end of 2013. However,
originations dropped to 332 billion dollars—the lowest level since the housing recovery started.
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