Foreclosure filings have finally begun to level off, according to RealtyTrac Inc.

New York witnessed a 21.5 percent drop in foreclosure filings on properties, significantly over the nationwide 2 percent drop.

This marks the first month of the year that the number of foreclosure filings has decreased rather than increased.

“There were two important milestones in the April numbers that show foreclosure activity has begun to plateau — but at a very high level that will not drop off in the near future,” said James J. Saccacio, chief executive officer of RealtyTrac. “April was the first month in the history of our report with an annual decrease in U.S. foreclosure activity. Secondly, bank repossessions, or REOs, hit a record monthly high for the report even while default notices dropped substantially on a monthly and annual basis.”“

We expect a similar pattern to continue for most of this year,” Saccacio said, “with the overall numbers staying at a high level and ripples of activity hitting the various stages of the foreclosure process as lenders systematically work through the backlog of distressed properties.”

Nevada led the other states in foreclosure rates, with one of every 69 housing units being foreclosed on. California, Florida, Michigan, Illinois, and Nevada foreclosures account for more than 50 percent of the nation's total filings.

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