April Foreclosure Numbers

Below are the ten states that had the highest number of foreclosures for the month of April. My Foreclosure Report for the month of March can be found here.

Top 10 States for Foreclosures

State	# Foreclosures	% +/- Mar '08	% +/- Apr '07	% Total
United States	243,353	4.40	64.75	100.00
California	64,683	-0.04	112.04	26.58
Florida	35,264	16.56	146.29	14.49
Ohio	11,680	3.61	2.18	4.80
Arizona	11,620	26.32	181.42	4.77
Texas	11,406	6.60	-0.16	4.69
Michigan	10,269	8.16	49.35	4.22
Georgia	9,189	-16.82	28.50	3.78
Illinois	8,383	-2.78	1.02	3.44
Nevada	7,276	-5.00	94.70	2.99
Maryland	6,052	41.57	479.14	2.49

Click image to enlarge


Additional Details

• Notice of Defaults (NOD = pre-foreclosures) were up 2.6% to a record high of 44,100 from 42,700 last month.
  
• Notice of Trustee Sales (NTS = Foreclosure Notices) were up 7.8% to a record high of 28,892.
  
• Foreclosure Sales at Auction jumped 44% for a total of approx $9.5 Billion from $6.87 Billion last month.
  
• Discounts were at a record pace. 84% were discounted by 25% or more off the original note amount. 47% were discounted by a whopping 30% or more.
  
• 97.75% of the homes failed to sell at auction so the banks bought the them back.

Because percentages don't always tell the full story, I decided to present the 10 states with the highest number of foreclosures, as opposed to highest percentage based on number of homes in the state. As you can see most of the usual suspects are there; California, Florida, Arizona, and Nevada. However, this time we also see states like Texas and Illinois.

RealtyTrac posted the foreclosure activity for April in mid-May; however, I decided to delay reporting on those numbers as I wanted to include additional relevant news articles in my posting. In retrospect, that decision seems rather foolish as the foreclosure numbers don't require any additional information for their impact to be realized.