We keep hearing about the economic recovery, but where is it really?
We even have heard that the housing market is recovering?
The U.S. home foreclosures reached a record for the second consecutive month in May, with increases in every state, as lenders stepped up property seizures, according to RealtyTrac Inc. Bank repossessions climbed 44 percent from May 2009.
Nevada had the highest foreclosure rate for the 41st straight month. One in every 79 households got a notice, more than five times the national average.
Arizona had the second-highest rate, at one in 169 households, or more than twice the U.S. average.
Florida ranked third at one in 174 households, and California was fourth at one in 186.
Michigan ranked fifth at one in 223 households, followed by Georgia, Idaho, Illinois, Utah and Maryland as the top leaders.
When looking at increases from a single month, April, only ten states accounted for 70 % of all increased filings (California, Florida, Michigan, Arizona, Illinois, Nevada, Georgia, Texas, Ohio, and New Jersey).
How can the housing market be recovering, if foreclosures are up?
We hear the news media report more new jobs were created, new unemployment applications claims are down, yet unemployment still remains high.
Is it possible we have hit bottom? I don’t know. Is hitting bottom economic recovery? I don’t think so.
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