King County Foreclosures Decline In April

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Banks are increasingly agreeing to short sales rather than foreclose, hence a decline in foreclosures in recent months.

The quantity of U.S. residences reclaimed by financial institutions in April decreased 7 percent from March and 26 percent from April 2011, RealtyTrac advised. In King County, the number of properties repossessed was down 19 percent from March and a whopping 65 percent from last April.

Nationwide foreclosure trends took a positive turn in April, as the quantity of houses taken by financial institutions dropped and a smaller amount of properties entered the foreclosure process.

All told, the quantity of U.S. properties repossessed by loan providers in April dipped 7 percent from March, the third successive monthly drop, foreclosure-listing firm RealtyTrac said Thursday.

Home foreclosures fell 26 percent versus April of last year.

In King County, the number of properties repossessed was down 19 percent from March and an extraordinary 65 percent from a year ago. Snohomish County saw comparable declines.

The number of houses that creditors placed on the foreclosure route last month also decreased across the country. In King County, the number of properties getting a foreclosure-auction notice in April was down 30 percent month-over-month and 41 percent year-over-year.

Financial institutions are as of late accepting short sales rather than foreclose. In a short sale, the banking company agrees to take less than what the home sellers owes on the home mortgage.

In the first three months of this year, short sales increased while foreclosures declined. Short sales are on track to exceed sales of bank-owned homes in California, Arizona and 10 other states, RealtyTrac pointed out.

That might help decrease repossessions, which are on pace to be just over 700,000 this year. Last year, about 1 million homes were taken.

All told, foreclosure-related notifications were reported on 188,780 U.S. properties last month, the lowest monthly total since July 2007, RealtyTrac said. That’s a decrease of 5 percent from March and down 14 percent from April 2011.

In Washington, total foreclosure activity in April was unmodified from March, but dropped 54 percent from the previous April.”

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