Recent data shows that foreclosure activity was down in April when compared with  last year. Foreclosures in March and April remained nearly the same, yet there were significantly fewer of them in 2013 than during the same period in 2012.

Foreclosures numbered around 52,000 in April compared to around 62,000 just a year ago. This reflects a 16% decrease in the number of repossessed properties in a 12-month period. Across the country, more than 1.1 million homes are currently in foreclosure. This represents approximately 2.8% of all homes with a mortgage. The total number of homes in foreclosure by June of last year was more than 1.5 million.

The decrease in foreclosures is partly due to an increase in home loan modifications that have made it possible for more people to retain their property. This in turn has resulted in a slight increase in home values. More people have also been applying for loans in recent months, which is a sign that the economy is finally on the upswing.

Some areas of the country have seen more than their share of foreclosures during the recent past. Five states have collectively seen more than half the new foreclosures over the past 12 months. These states are Florida, Georgia, Texas, California and Michigan.

Tracking changes in foreclosure numbers has been difficult in Oregon, as new legislation has changed the way lenders file these proceedings. Our state has seen a decrease in the number of foreclosures, and foreclosures make up about 2.9 percent of all mortgaged homes, compared to 3.2 percent just one year ago.

The fact that foreclosure activity is down in April from last year is good news for both buyers and sellers, because it means there are more buyers available, and they have a better quality selection to choose from. A drop in foreclosure rates is also good for the economy at large, which means that everyone benefits from it.