Recovery! Foreclosures Spike In May
Banks seized more U.S. homes in May as a greater number of Americans found themselves entering the foreclosure process, suggesting lenders were drawing down the pipeline of distressed properties, a report from RealtyTrac showed on Thursday.
Banks repossessed 38,946 homes, an increase of 11 percent from the previous month. The number of homes hit with default notices for the first time grew by 4 percent.
It seems impossible to get consecutive months of any kind of positive economic news. At this point, one has to wonder if the administration isn't secretly enjoying Scandapalooza because it keeps the citizenry distracted from the sewer-bound economy.
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