Surprise: April Foreclosure Rate Worst Than Expected. Hmmmm.

[Sigma]

Surprise: April Foreclosure Rate Worst Than Expected

http://amerpundit.com/2009/05/13/surprise-april-foreclosure-rate-worst-than-expected/

Analysts figured that March’s numbers were bad enough that April’s couldn’t possibly be worse. Boy were they wrong.

Foreclosures in April exceeded even March’s blistering pace with a record 342,000 homes receiving notices of default, auction notices or undergoing bank repossessions, according to a regular industry report.

One of every 374 U.S. homes received a filing during the month, the highest monthly rate that RealtyTrac, an online marketer of foreclosed properties, has recorded in four-plus years of record keeping.

“April was a shocker,” said Rick Sharga, a spokesman for RealtyTrac. “I would have bet on a dip because March foreclosures were so high.["]

Instead, filings inched up 1% from March and rose 32% compared with April 2008.

And this comes on the same day that some over at ABC News are desperately trying to spin all of the bad news. Actually, “spin” isn’t quite the right word. “Just making crap up” is a better term.

Recession Is Over According to Financial Experts

Improving Housing Market, Leading Economic Indicators Makes Experts Optimistic

Clearly. That’s why the White House is projecting no job growth for 2009, foreclosure rates are coming in worst than expected, retail sales continue to slide, and housing prices continue to plummet. Recession over, chumps! Quick, someone start signing “Happy Days are Here Again“.

[urbanlibertarian]

"Every time it rains, it rains pennies from heaven.  Every little cloud contains..."

[fatcat]

was there some action in Feb that mandate the banks to give them another 60 days or something like that? Now we see the result of the 60-day delay.