I was curious how rising gas prices and the disaster in Japan would effect interest rates. I did not see such rates rising for four straight weeks.
The inflation threat is growing.
Report: Low mortgage rates haven’t been enough to lift the struggling housing market. Job worries and tight credit standards have kept people from buying homes. A high number of foreclosures are forcing home prices down, leaving would-be buyers worried that market hasn’t hit bottom.
The number of homes repossessed by banks jumped 13% in March from the month before, biggest increase in a year, foreclosure listing firm RealtyTrac said Thursday. The number of homes receiving their first notice of default grew 16 %.
The pace of foreclosures had slowed in the first quarter because of lender processing delays, but the uptick in March suggests the rate may pick up.
Roughly 5 million borrowers are at least two months behind on their mortgages. RealtyTrac has forecast between 1 million and 1.2 million homes will be taken back by lenders this year.