Thursday, May 14, 2009

Is the Worst Yet to Come?

By Robert Gammon
Thu, May 14, 2009 at 10:31 AM

There have been numerous reports in recent weeks that the economy may be rebounding. But then comes this very troubling news - the number of homes falling into foreclosure nationwide took a huge jump last month. How much? 32 percent over April of 2008. Not only is that a significant increase, but it's a big jump over a time when foreclosures already had reached record levels. In Alameda County, the news is even worse - a 72 percent jump over a year ago. It's the second straight month of very bad foreclosure news. If this trend continues, then the slight rebound we've seen recently may be just a temporary blip on the way to a long, steep recession.

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