SAN FRANCISCO: US home repossessions
set a record in April while foreclosure filings dropped
for the first time in four years, a sign lenders may be delaying new default actions as they seize properties
, RealtyTrac Inc. said.
“Right now it appears that the banks are focusing on processing the loans already in foreclosure, and slowing down the initiation of new foreclosure proceedings as a way of managing inventory levels
,” Rick Sharga, RealtyTrac’s executive vice president, said in an e-mail. “We’ll probably see this trend continue for a while.”