Housing Update

Bloomberg reports that housing foreclosures, year over year, are up 47%. The states with the highest among of foreclosures are California, Nevada, Colorado, and Florida.

Well CNBC was out yesterday praising the slight gains in housing starts and permits. They love to live in this monthly housing data. You know how I feel. I expect the foreclosures to start increasing, and the housing picture will get real ugly. This is because of the large amount of ARMs that are planned to reset this year.