RealtyTrac Reports Foreclosures Are Down

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For the first time in five years, the number of households facing foreclosure is down. A firm called RealtyTrac says the number last month fell 2 percent compared to a year ago.

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NPR's business news starts with fewer foreclosures.

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MONTAGNE: The number of homes facing foreclosure fell slightly last month compared to a year ago. But the research firm RealtyTrac says lenders may be sending out fewer foreclosure notices simply because they're struggling to process the foreclosures already in the pipeline - which brings us to this statistic - RealtyTrac also reports the number of homes actually being repossessed by banks soared last month. In April, banks took control of more than 92,000 properties - an increase of 45 percent from a year earlier.

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