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U.S. foreclosures jumped 32% in April from a year ago. This is not good news.One of every 374 households with a mortgage received a foreclosure filing in April bringing filings to 342,038 according to RealtyTrac.
What is happening is that banks and other lenders are now initiating foreclosure proceedings that previously had been on hold. There had been a temporary freeze by major banks and lenders that ended March 6. When that expired, lenders moved in quickly to start the foreclosure process. It's like a dam broke loose when the freeze ended. Realty Trac expects another three or four months of high foreclosure activity.
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