US Foreclosures Decline in April

May 13, 2010 Updated: May 14, 2010

U.S. foreclosure filings declined in April—for the first time in more than four years the monthly foreclosure filings have dropped.

According to latest data from RealtyTrac Inc., it seems banks are delaying new foreclosures to focus on current properties as the number of home repossessions reached a record high in April.

RealtyTrac data shows that bank repossession of homes reached a record 92,432 last month, a 45 percent increase from March. Banks may be delaying further foreclosure actions until the current unsold inventory of repossessed homes declines.