Thousands of homes were foreclosed on in April and the repossessions increased from the prior month, though the numbers were a tad lower than where they were at the same time a year ago, data analytics firm
revealed.Lenders took over about 2,900 properties last month, a jump of 8 percent from March. Compared to a year ago, the repossessions were 1 percent lower.Illinois had the largest number of what described as completed foreclosures at 244, followed by Pennsylvania at 241. California reported 233, while New York had 225 and Maryland 200.For cities with a population of at least 200,000, New York and Chicago led the way, followed by Baltimore, Washington, D.C., and Philadelphia.The ContextAt the national level, there were nearly 32,000 homes that filed for foreclosures.
's forward-looking category of foreclosure filings, which constitutes default notices, scheduled auctions or bank repossessions, was down 4 percent on a monthly and a yearly basis.Meanwhile, foreclosure starts, which captures data on when lenders begin the process of repossession, they were down 7 percent last month from March and fell 3 percent from the same time a year ago.Maryland had the highest rate of foreclosure filing, with one out every about 2,550 homes.
, said in a statement.'While there is a general downtrend in foreclosure starts and filings, we have also seen an increase in completed foreclosures. This mixed activity underscores the importance of closely monitoring these developments to understand the ongoing dynamics in the real estate market.'What's NextAnalysts said that the U.S. economy has shown resilience and is expected to continue growing, which may keep foreclosures low.