According to the latest report from RealtyTrac, foreclosures jumped again in April.

CNNMoney.com reports that 342,000 U.S. homes received default or auction notices or were in the process of bank repossession last month.

This translates to one in every 324 U.S. homes involved in some part of the foreclosure process, a number which represents a one percent increase from March and a whopping 32 percent increase from the same time last year.

Here are some hard numbers that paint a picture of how serious this news is for American homeowners:

• April numbers are the highest ever recorded by RealtyTrac in more than four years of monitoring such figures.
• Since the start of the real estate bust cycle in August of ’07, more than 1.3 million homes have been foreclosed upon.
• RealtyTrac’s original forecast of 3.4 million foreclosure filings for 2009 will likely be revised upward after April’s statistics.
• Though foreclosures are a problem nationwide, 10 states were home to 75 percent of all filings (California, Florida, Nevada, Arizona, Illinois, Ohio, Michigan, Georgia, Texas and Virginia).

Dipping Home Prices Compound the Problem

Some experts are concerned about the effect falling home values will have on future foreclosure rates.

As housing prices keep decreasing, more and more borrowers find themselves “under water” on their mortgages (they owe more than their homes are worth).

This has reportedly led to an increase in people simply walking away from their homes and handing their keys over to the bank, and will likely mean missed payments and defaults for those who choose to stay.

Bank Repossessions Down – For Now

April’s bank repossession numbers actually decreased 11 percent from March, according to sources.

But this isn’t a trend that’s likely to continue: bank repossession is the last stop on the foreclosure train, and as more and more houses enter foreclosure proceedings, more and more will have to complete them in the future.

Chapter 13 Bankruptcy & Foreclosure

If you are one of the many Americans facing the threat of foreclosure, filing for Chapter 13 bankruptcy may provide you some of the relief you need.

Thanks to the protection of the automatic stay, all creditor collection actions (including garnishment, repossession and foreclosure) are typically halted for the duration of your case.

Many bankruptcy filers find that Chapter 13’s three- to five-year repayment plan offers them the time and breathing room they need to get current on their mortgages or at least make alternate living arrangements.