RealtyTrac Inc. released a statement showing that foreclosures filling declined during the month of April by 2.0 percent, compared with the same month in 2009, marking the first annual decline in more than five years. Nevertheless, banks seized more than 92.000 homes during the same period, accordingly, more than 7.4 million borrowers have lost their homes to the crisis that hammered down economical activities in the housing sector where 12 percent of all households, have missed at least one mortgage payment during the past month.

The main challenge to the housing sector's recovery remains with elevated unemployment levels along with tight credit conditions that hammers down income and weaken spending, accordingly the housing sector will need more time to validate an exit from the worst financial crisis in decades, noting that foreclosures continue to stall the world's leading economic recovery.

The government's stimulus Tax Credit program that aimed to lure first time home buyers into purchasing houses, showed that the government is managing more than 231 thousand households, nearly 20 percent from the total 1.2 million borrowers who took advantage of the program that was first introduced to the market by late last year.