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Default Notices Down 27%, but REO Sets New Monthly Record

Even with a substantial drop in default notices in April, real estate-owned hit a record monthly high with a total of 92,432 properties repossessed by lenders, up 1% from March and up 45% from April 2009, according to RealtyTrac.

The foreclosure tracking website, based in Irvine, Calif., said a total of 103,762 properties received default notices in April, a decrease of 12% from March and down 27% from a year ago.

“We expect a similar pattern to continue for most of this year with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process as lenders systematically work through the backlog of distressed properties,” said CEO James Saccacio.

Mortgage Bankers Association

A study by a Florida research firm says that the Seattle area’s economy is the best in the country.

According to Policom Corp., an independent economic research firm that specializes in analyzing local and state economies, out of the nation’s 366 metropolitan statistical areas, Seattle-Tacoma Bellevue rates No. 1, moving up from last year’s No. 12 ranking. In 2006, Seattle-Tacoma-Bellevue ranked No. 51 in the country. The company uses 23 different economic factors to create its rankings.

According to Policom, the highest-ranked areas have had rapid, consistent growth in both size and quality for an extended period of time. The lowest ranked areas have been in volatile decline for an extended period of time and Policom has created economic strength rankings since 1996.

Here are the nation’s top 10 markets of all 366 markets.

2010 Ten Strongest Among 366 Metropolitan Areas

1. Seattle-Tacoma-Bellevue.