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RealtyTrac: Foreclosures at 40 month low

Foreclosures are at a 40-month low during April.

Foreclosures are at a 40-month low during April.

According to RealtyTrac's latest U.S. Foreclosure Market Report, the number of foreclosures taking place during April was the lowest in 40 months.

Overall, 219,258 different default notices, scheduled auctions and bank repossessions took place, which is down 9 percent from March, but up 34 percent year-over-year. RealtyTrac also discovered that one in every 593 U.S. homes filed for foreclosure during the month.

"Foreclosure activity decreased on an annual basis for the seventh straight month in April, bringing foreclosure activity to a 40-month low," said James Saccacio, chief executive officer of RealtyTrac. "This slowdown continues to be largely the result of massive delays in processing foreclosures rather than the result of a housing recovery that is lifting people out of foreclosure."

Nationally, the foreclosure process averaged 400 days during the first quarter of 2011, up from the 300-day norm during Q1 2010.

California had the largest number of foreclosures during the month with 55,869 properties, followed by Florida with 19,649. In fact, the top ten markets for foreclosures represented 70 percent of the country's activity.

For those seeking relocation, foreclosed properties present a cheaper alternative. Thus, those in California or Florida might be more prone to move because of the lower costs.