Foreclosures increase to highest level ever seen

Subprime, and the resulting crisis built up, exploded, and ruined the US economy. Risky lending imploded in 2007. Now we see more fallout, as RealtyTrac Inc. said Thursday that the number of U.S. homes taken over by banks jumped 35 percent in the first quarter of 2010 from a year ago. In addition, households facing foreclosure grew 16 percent in the same period and 7 percent from the last three months of 2009.

More homes were taken over by banks and scheduled for a foreclosure sale than in any quarter going back to at least January 2005, when RealtyTrac began reporting the data, the firm said.