Another day, another mind-numbingly horrid data point from the Un-Recovery, this one courtesy of the bull market in foreclosures that rages right alongside the bull market in stocks…
From Calculated Risk:
RealtyTrac® … today released its U.S. Foreclosure Market Report™ for Q1 2010, which shows that foreclosure filings — default notices, scheduled auctions and bank repossessions — were reported on 932,234 properties in the first quarter, a 7 percent increase from the previous quarter and a 16 percent increase from the first quarter of 2009. One in every 138 U.S. housing units received a foreclosure filing during the quarter.
Foreclosure filings were reported on 367,056 properties in March, an increase of nearly 19 percent from the previous month, an increase of nearly 8 percent from March 2009 and the highest monthly total since RealtyTrac began issuing its report in January 2005.
Yeah, yeah. I know. Lagging indicator. Fine, so will it lag forever and ever? Or is there an eventual end to the displacement of families and devastation of neighborhoods?
OK sorry, get back to flipping stocks and carbon credits.