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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