US home repossessions reach record high in April

| May 13, 2010 | 0 Comments
US home repossessions reach record high in April

RealtyTrac has revealed the number of homes being repossessed in the US hit a record high in April.

The real estate data company said banks took control of 92,432 properties last month - a rise of 1% compared with March but a massive 45% increase compared with a year ago.

Meanwhile, there were far fewer new actions against struggling homeowners, said RealtyTrac, with new repossession cases falling 9% from March and 2% from April last year.

Commenting on the figures, Rick Sharga, senior vice president at RealtyTrac, said: “What we’re really seeing is the effect of lenders slowing down the initial notices of default while they are processing what’s already in the pipeline.”

He added: “The housing market is still in critical condition but is stable.”

In related news, the National Association of Realtors yesterday reported that house prices rose in almost 60% of US cities in the first three months of 2010.

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