Home foreclosures rose 7% in March to 149,150, RealtyTrac said. The figure, which includes default notices, auction sale notices and bank repossessions, was up 47% vs. a year ago. It comes as the gov't urges lenders to try to rework troubled subprime loans. Also, mortgage applications fell 2.5% last week as rates rose again. Rates have retreated this week.
I will continue to make this observation: we are in an economic expansion. Foreclosures should increase during a recession or just after a recession. If we have a recession we're in big trouble.
