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RealtyTrac: US home repossessions fell in April

LOS ANGELES — Fewer U.S. homes entered the foreclosure process or were repossessed by lenders last month, the latest indication that the nation’s foreclosure woes are waning.

Nationally, home repossessions fell 20 percent in April from the previous month and were down 32 percent from a year earlier, foreclosure listing firm RealtyTrac Inc. said Thursday.

Foreclosure starts, the initial step in the process that can eventually lead to a home being foreclosed upon, dipped 4 percent last month from March and tumble 28 percent from April last year, the firm said.

Even so, homes scheduled for auction in states where the courts play a role in the foreclosure process hit the highest level in more than two years.

Most homes lined up for public auction end up going back to lenders, which opens the door for the properties to be placed on the market as sharply discounted foreclosed homes.

Still, the prospect that a flurry of those homes set for auction last month will end up on the market is good news for the housing market, said Daren Blomquist, a vice president at RealtyTrac.