342,000 new foreclosures hit in April, beating the record pace set in March by 1%. That's 1 in every 374 homes in the U.S., which is 32% above April 2008. More than 1.3 million homes have now been lost to foreclosure since the market meltdown began in August 2007. "The lion's share of April's filings were ones in the early stages of the process, such as notices of default," according to James Saccacio, CEO of RealtyTrac, an online marketer of foreclosed homes.



As in previous months, 10 states make up more than 75% of the new foreclosures. These are primarily limited to California, Nevada, Arizona, Florida, and the rust belt. Las Vegas continued to be the worst-hit metro area. It had more than 14,000 filings in April, one for every 56 households and 20% more than in March. 



Adding to the problem is the steady erosion of home values. On Tuesday a report was issued by the National Association of Realtors. The national median home price of single family homes sold during the first quarter fell 13.8% to $169,000 year over year, and 6.2% compared with the last quarter 2008. That was the largest year-over-year decline in the 30-year history of the report.



Salt Lake City is one of the few metro areas around the country that has seen an uptick year-over-year. The current median home price in SLC is $230,100, up 1.9% from a year ago. The national average is $169,000, down 13.8% from one year ago.



As I've said in previous posts, significant opportunity exists in situations like the one we are in right now. If you are contemplating investing in the real estate market, I would urge you to take action - NOW - and take advantage of the unprecedented opportunities that are everywhere (even in Salt Lake City).