Is the Worst Yet to Come?

There have been numerous reports in recent weeks that the economy may be rebounding. But then comes this very troubling news – the number of homes falling into foreclosure nationwide took a huge jump last month. How much? 32 percent over April of 2008. Not only is that a significant increase, but it’s a big jump over a time when foreclosures already had reached record levels. In Alameda County, the news is even worse – a 72 percent jump over a year ago. It’s the second straight month of very bad foreclosure news. If this trend continues, then the slight rebound we’ve seen recently may be just a temporary blip on the way to a long, steep recession.