The nation is falling deeper into the housing crisis: Foreclosures continue at record pace

[Liberal_in_LA]

http://abclocal.go.com/kabc/story?section=news/business&id=6203320

MOUNT OLYMPUS (KABC) -- Some grim numbers are out Friday morning on the housing market as the number of people losing their homes to foreclosure is at a new record high.

http://business.timesonline.co.uk/tol/business/economics/article4132215.ece

June 13, 2008

US home foreclosures rise 48% as inflation surges

Suzy Jagger, New York

Americans have not seen the worst of the housing crisis and must grow accustomed to surging inflation, one of Wall Street's leading economists warned today, as the US suffered the sharpest rise in foreclosures on record.

Kevin Logan, chief economist at Dresdner Kleinwort, the investment bank in New York, predicted that inflation will continue to rise to as much as 5 per cent by August as food and fuel costs show no sign of slowing.

He also warned that house prices, construction activity and property sales may fall steeply until well into next year.

His comments offer little comfort to American homeowners who last month suffered the sharpest rise in forclosures on record.

[mdmc]

1. mercy!