Housing market continues to slide; foreclosures jump 90 percent

Could a recession be looming? If so, or potentially so, can Democrats handle this and Iraq as well?

The story reports two additional concerns beyond the headlines stat.

First, the foreclosure rate jumped 19 percent from April.

Second, we aren’t about to turn the corner.

A jump in foreclosures at a time of year that traditionally is the busiest for home sales means the slide in prices probably isn't over, said James Saccacio, chief executive officer of RealtyTrac. Typically, more than half of all home sales occur in the April to June period, according to Freddie Mac, the No. 2 mortgage buyer.

“Such strong activity in the midst of the typical spring buying season could foreshadow even higher foreclosure levels later in the year,” Saccacio said in the report. That will add “to the downward pressure on home prices in many areas.”

I’ve been blogging about this for months; I totally agree. Unfortunately, Wall Street and the Federal Reserve refuse to face the music.