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Foreclosure filings in April fell for the third straight month to the lowest level since July 2007.
Total foreclosure activity for April, including default notices, scheduled auctions and bank repossessions, was down 5% from March, according to RealtyTrac.
They are still high but the trend is in the right direction. (Note the numbers in the chart below are units not dollars as marked)
While the total is down, some states are still having serious problems. The best improvement seem to be in states that were the hardest hit.
In Arizona and Nevada, for example, bank repossessions were down roughly 70%. In California, they were more than 50% lower.
With a little luck this is a sign that home prices will stop falling and provide greater confidence with consumers. More people are buying houses and fixing them up.