Foreclosures hit a record high
Although housing prices may continue to drop, now may be the time to buy a home.
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NEW YORK (CNNMoney.com) -- Foreclosures are still hitting record highs according to an industry report out today.
The news isn't great. Foreclosures in April hit another high -- one in every 374 U.S. households received a foreclosure filing last month.
That's the highest monthly foreclosure rate ever posted since RealtyTrac began issuing its report in January 2005. So far, foreclosures are up 32% from this time last year.
RealtyTrac says that weakness will continue for another three to six months before the recovery starts. But the foreclosure numbers will begin to slow during the second half of the year.
Nevada continues to post the nation's highest state foreclosure rate. In April, one in every 68 housing units in the state received a foreclosure filing -- more than five times the national average. Total foreclosure activity in Nevada was up 111% from April 2008.
Florida's foreclosure rate to second highest among the states in April. Total foreclosure activity in Florida was up 75% from April 2008.
California posted the nation's third highest state foreclosure rate in April. Total foreclosure activity in California was up 42% from April 2008.
There's still some more room for housing to fall, but experts say we may be seeing the peak of foreclosure activity now.
That said, don't try to time the market bottom. Prices are down ... and down dramatically. But you have to take into account other considerations, like the quality and amenities of the neighborhood.
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