Foreclosure starts dropped below the 200,000 mark during April for the first time in years, but more than 4 million homes, whose owners are in foreclosure or delinquent by 90 days or more, are still in the foreclosure pipeline.
Lender Processing Services, a loan data aggregator, estimated that 2.18 million mortgages were in foreclosure, down nearly 2 percent from a record 2.22 million in March but up 9.5 percent from a year ago. In addition, LPS data shows that foreclosure starts fell nearly 31 percent from March to April, totaling 187,423 — a 14.7 percent decline from a year ago.
Another 1.96 million mortgages were delinquent by 90 days or more in April, down about 1.5 percent from the previous month and 29 percent from a year ago.
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