Foreclosure Drop in Florida and California Do Not Show Recovery

ForeclosureWarehouse.com reports that Florida foreclosed homes in April were down 14.81% in Florida than a month ago, and California was down 8.46%. Florida had 9,353 Listings in March versus 7,968 listings in April of 2011, and California foreclosed homes were 9,898 in March versus 9,061 listings in April.

But observers say the drop is not necessarily a sign that Florida's housing industry is turning any particular corner. Mortgage foreclosures declined in the first quarter from a record high as U.S. employment and personal income rose, signaling the economic recovery may be helping to limit mortgage defaults.