>Foreclosures Are Up Sharply — Problem Not Going Away
>By Don White
The states with the most serious housing bank foreclosures (REOs) problem are California, Florida, Arizona, and Nevada. Clark County, which is in and around Las Vegas, is one of the worst. Fort Lauderdale, Florida isn’t far behind. Bank repossessions: 804,000 as of today and that compares with over 600,000 at this time in 2008. It means the problem is worsening, not getting better.
If anyone thinks we are out of the woods regarding housing, look at the numbers. The current super-recession started with the housing melt-down. It will take quite a while for this problem to settle out. Once we see a slowdown — even down to a trickle of REOs — we can safely say the economy is on the rebound. But not until then, no matter what happens to the stock market.
If you look closely, you’ll see we have a sideways market. It goes up, it goes down. But it’s certainly not a bull market. That’s because Wall Street is not seeing enough housing recovery.
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