Foreclosures Drop 2 Percent from Last Year

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The number of homes facing foreclosure last month fell two percent from a year ago. It is the first annual decline in foreclosures in five years.

RealtyTrac said one in every 387 homes received a foreclosure notice last month. That number was down nine percent from March.

However, while the new delinquency rate is dropping, the number of borrowers losing their homes is still rising.

Banks seized a record 92,000 homes last month. Unemployment is one of the main reasons.

Initially, lax spending standards were to blame, but homeowners with good credit who took out normal, fixed-rate loans are now the fastest growing group of foreclosures.

As the economy turns around, "you will see an improvement in housing markets and in foreclosure activity," said Rick Sharga, a RealtyTrac senior vice president. "The problem is that there's such a backlog right now."

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