The number of foreclosures started in February rose to 243,000 from 217,000 in January. About 87,000 homes were repossessed by banks during February, a 28% jump from the 68,000 foreclosures completed in January. ...Again, month-over-month numbers tend to be highly volatile, but these numbers are a countercurrent to the rosy month-over-month spin we got a lot of last week. The S&P/Case-Shiller 20-City Home Price Index numbers that come out today should help provide a clearer view of the short-term housing trend.
February was the second straight month of sharply higher foreclosures; prior to January, the problem appeared to be easing.
Tuesday, March 31, 2009
Foreclosures rising again
The number of foreclosures increased in February, compared with January: