Home repossession hits record high

In April, banks took control of 92,432 properties which is up 1% from March. The number is up 45% from last year. While the number of repossessions rose, the number of new notices declined.

California, Michigan, Florida, Illinois, and Nevada were the worst affected. Those five states accounted for 52% of the repossessions in April. The worst affected urban area was Las Vegas. One in every 60 homes received a repossession notice.

The National Association of Realtors said that house prices rose in nearly 60% of US cities in the first quarter.

Though April was a grim month, banks are hoping the number will fall in May.