April Foreclosure Spike Is A "Shocker"

The second or third derivative of the housing market might be improving, but more and more Americans are getting kicked out of their homes.

According to RealtyTrac, a record 342,000 homes were given notices of default, 1% more than in March, and 32% higher than last year.

The big number is due, in part, to pent up volume from the foreclosure moratorium at the beginning of the year. But that was the reason given for March numbers, which were seen as horrible.

A spokesperson for RealtyTrac called the numbers a “shocker”, especially given how bad Marcha already was.

The full report is here.

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