Foreclosure filings in Kansas and Missouri shot up in April from a year earlier, and housing problems nationwide hit an 18-month high, a new survey indicated.
Data monitored by RealtyTrac, a California-based research firm that tracks the housing industry, showed a 9 percent increase in foreclosure filings nationwide in April from April 2014. The latest filings, showing 125,875 problem properties, were up 3 percent from March.
Foreclosure filings cover default notices, scheduled auctions and bank repossessions.
The increase in April was largely driven by a jump in bank repossessions, RealtyTrac said.
“While distressed sales typically have a stifling effect on the housing market, an influx of distressed inventory could actually help stimulate sales during the spring and summer buying season as new listings become available often in the middle to lower ranges of the market,” said Daren Blomquist, a vice president at RealtyTrac.
In Kansas, foreclosure actions increased 46 percent in April from a year earlier. There were 600 filings, one for every 2,059 homes in the state. Still, Kansas ranked 36th nationwide for the most problems.
In Missouri, foreclosure actions climbed 22.8 percent last month from a year earlier, ranking the state 25th overall for problem properties, RealtyTrac said. There were 1,628 distressed properties for the month, one in every 1,667 homes in the state.
Florida had the highest state foreclosure rate in April, with one in every 425 housing units facing foreclosure. That’s more than twice the national average, RealtyTrac said.