The good news: The number of people facing foreclosure is nearly flat from a year ago. A third fewer people are receiving legal warnings that they could lose their homes. And foreclosures are receding in some of the hardest-hit cities.
Ooops: But not in the Seattle area. Seattle bucked the national trend, with foreclosure filings in King County climbing 50 percent in May from the same month last year, according to RealtyTrac.
While national foreclosure filings in April appear to have leveled off, the number of foreclosures remains extraordinarily high. Economists predict that a new wave of foreclosures could be coming in the second half of this year, especially if unemployment remains high, mortgage-assistance programs fail, and the economy doesn’t improve fast enough to lift home sales.
And, guess what? Recent news indicates that the economy is not improving very quickly…