US foreclosures up 24% in first quarter

I came across this article after responding to a post made about the 4.7% increase in new home sales. I thought it was interesting that in February new home sales rebounded nearly 5%. It's even more interesting that US foreclosures are up 24% now and in February new home sales were up 4.7%. I would have to say that this article about foreclosures show us that the 4.7% increase in new home sales wasn't much of a sign that the economy is recovering. "The faltering economy is causing the housing crisis to spread. Nationwide, nearly 804,000 homes received at least one foreclosure-related notice from January through March, up from about 650,000 in the same time period a year earlier. Wow! That is such a huge jump in just a years time. The article states that while foreclosures were down 13% in the fourth quarter last year they project that it will continue to rise and hopefully taper of in the summer.

Here is a link to the article.

1 comment:

Dr. Tufte said...

-1 on Chase because of spelling errors.

Lot of innumeracy here Chase: a 24% increase in something small is not always bigger than a 4.7% increase in something much larger.

Having said that, this is still crappy news.