Foreclosure Filings Take Double-Digit Drop in April

Foreclosures filings dropped significantly across the country last month. Just under 100,000 pre-foreclosures and notices of pending foreclosure auctions were filed nationwide in April, down 14.3 percent from the almost 115,700 filings in the previous month, according to the latest numbers from, a California-based real estate investment advisory firm and publisher of foreclosure and property information.

Another nearly 40,000 properties were taken back by lenders-known as REO or bank-owned real estate filings-in April, also down 14 percent from March numbers. 

Charles Kin replies:

An article in American Banker indicated some large lenders, particularly Washington Mutual, are taking steps to allow some problem borrowers to refinance into traditional fixed-rate loans, and are open to negotiating a 1-2 month payment holiday, depending on the equity situation of the borrower.

Note that Freddie Mac (which is now sporting a larger balance sheet than Fannie Mae ) has indicated increased capacity to purchase loans at the lower end of the FICO/LTV spectrum. 


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