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Two Ways: Wave of Foreclosures Goes Tsunami?


Strengthen your portfolio in good times and bad.

Mortgage foreclosures continued in the first quarter, led by the usual suspects: California and Florida. Increasing unemployment and declining home prices are exacerbating the ongoing recession.

Data provided by RealtyTrac showed California leading all states in foreclosures, with 13 of its cities making the top 25 with the highest foreclosure rates. Florida was up next, with 8; Nevada and Arizona tied for third, with 2.

Las Vegas was at the top of the list of troubled cities with the rate of foreclosure filings coming in at 4.5% of every household receiving an auction or default notice.

In a statement, RealtyTrac CEO James Saccacio said he expects many of the areas to continue to experience high levels of foreclosure activity through 2009; other markets should rise up the ranks as unemployment increases around the country.

See Professor Fil Zucchi's Ten Reasons Commercial Real Estate Won't Rebound for more.

From the Bull Pen: Bulls can look to Wal-Mart (WMT) for a play. The stock is headed toward the bottom of its range, at $47. A sell stop can be set below that level.

From the Bear Cave: A wise man once told me "economics trump technicals." Housing bears can consider playing the downside in the real estate ETF (IYR); a sell stop can be set near $32.

Hope it was a great day, Minyans. Have a great night!
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