Foreclosure activity

Good Morning,

The number of foreclosure filings across the nation exceeded 100,000 for the ninth consecutive month in April, with foreclosure activity increasing in all but 12 states, according to RealtyTrac's "April 2007 U.S. Foreclosure Market Report." Florida and California led the country with the most foreclosure filings last month, with 30,505 and 14,318 foreclosures, respectively. In California, foreclosures decreased 3 percent from the previous month but we were up more than 200 percent from April 2006.On a month-to-month basis, foreclosure activity may subside during the upcoming summer months, according to the report. However, slower home appreciation and tighter lending standards in the mortgage market are likely to push the number of defaults above last year's levels for the remainder of 2007. The national foreclosure rate in April 2007 was one new filing for every 783 households.