Banks seized a record 92,000 homes last month 

So banks seized a record number of homes last month and AP runs with the following headline:

Foreclosures down 2 percent from last year
Foreclosure filings sink 2 percent from April 2009, first yearly decline in 5 years

Foreclosure filings could be up or down for any number of reasons, particularly with government pressure on banks to cut homeowners some slack. But the fact that the number of homeowners totally defaulting to the point the bank is seizing their home is going up would seem to merit at least as much or more concern as the fact bankruptcy filings were down a few percentage points last month:

But the data aren’t all sunny. While the number of new delinquencies is dropping, the number of borrowers losing their homes is still rising. Banks seized a record 92,000 homes last month.

And there are millions more potential foreclosures ahead. Nearly 7.4 million borrowers, or 12 percent of all households with a mortgage, had missed at least one month of payments or were in foreclosure as of March, according to Lender Processing Services Inc., a mortgage data research firm.

(h/t Purple Avenger at AoS)

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