U.S. foreclosures climbed steeply in April

U.S. foreclosures continued to climb in April. The number of foreclosure filings rose to 243,353 in April, up 4% from March and up 65% from the same month a year ago, according to a RealtyTrac Inc. report released today. “The total number of U.S. properties with foreclosure activity in April was the highest monthly total we’ve seen since we began issuing the report in January 2005,” said James. J. Saccacio, chief executive of RealtyTrac Inc., based in Irvine, Calif. The data means that about one in every 519 U.S. households went into foreclosure in April, the report said. Although only about 2% of all households are in foreclosure, the properties add to the glut of unsold homes already bloating the market and putting downward pressure on home prices, the report said. Nevada, California and Arizona posted the highest foreclosure rates. All of this is taking a toll on property tax bases and putting municipal budgets in jeopardy. “The city of Vallejo, Calif. — part of a metropolitan area with a foreclosure rate that ranked sixth highest in the nation in April — last week voted to have the city file for bankruptcy,” the report said. Nevada’s foreclosure activity slipped 5% in April from March, but still was up 95% from a year ago. The state still has the nation’s highest foreclosure rate: One in every 146 Nevada households received a foreclosure filing in April, 3.6 times the national average. California posted the second-highest foreclosure rate in April, with one in every 204 households getting a foreclosure filing in April. This is down about 1% from March but up 112% from a year earlier. Arizona’s foreclosure activity in April rose 26% from March and 181% from April 2007. About one in every 224 households received a foreclosure filing. Florida ranked fourth in foreclosure activity in April, with foreclosures increasing 17% from March and 146% from a year ago. One in every 242 households received a foreclosure filing. Rounding out the top five was Colorado, where one in every 349 households received a foreclosure notice. Other states with foreclosure rates in the top 10 were Maryland, Georgia, Ohio, Michigan and Massachusetts.