Rocky Real Estate Road Continues – April Foreclosures Shockingly High
According to a CNNMoney.com article today, “Foreclosures: April Was a Shocker,” U.S. foreclosures were much higher than projected, exceeding even March’s torrid figures with 342,000 homes in financial distress.
In March, a record one of every 374 homes in America received either a notice of default, auction notice or was in the process of bank repossession. According to a tracking service, it appears that the total foreclosure number for 2009 will be well over 3.4 million.
Today’s headlines about dismal, worse than expected, retail sales are another indication of our economic woes. Those who believe the worst is over in real estate or the overall economy might have to reconsider.