Nasdaq Drops Again, Has Worst Month Since 2008……. Home foreclosures surge 181%

(Reuters) – Wall Street slid on Friday to its deepest daily losses since 2020, as Amazon slumped following a gloomy quarterly report, and as the biggest surge in monthly inflation since 2005 spooked investors already worried about rising interest rates. Amazon.com Inc tumbled 14.05% in its steepest one-day drop since 2006, leaving the widely held stock near two-year lows. Late on Thursday, the e-commerce giant delivered a disappointing quarter and outlook, swamped by higher costs. Apple Inc, the world’s most valuable company, dropped 3.66% after its disappointing outlook overshadowed record quarterly profit and sales. All 11 S&P 500 sector indexes fell, led lower by a 5.9% slide in Consumer Discretionary and a 4.9% drop in Real Estate. The S&P 500 logged it largest one-day decline since June 2020. The Nasdaq’s decline was its largest since September 2020. Downbeat results and worries about aggressive monetary policy tightening by the Federal Reserve have hammered megacap technology and growth stocks this month.The Fed is set to meet next week, with traders betting on a 50-basis-point rate hike to combat surging inflation. NN: The March lows have held. This could be a fake out drop. We will know soon weather to enter the market for a wipe out or to wait a little longer

Home foreclosures surge 181%

In March 2022, foreclosures surged 181% to highest levels since March 2020, with Chicago, New York, LA and Houston lead the pack. Some eight months after a nationwide moratorium on foreclosures expired, foreclosure filings soared to the highest level since the pandemic began. Last month, 33,333 properties across the U.S. faced foreclosure, a 181 percent jump from March 2021 and 29 percent pop from February, according to a report by foreclosure tracker Attom. The first quarter saw 78,271 properties with a foreclosure filing, a 39 percent from the previous quarter and 132 percent from last year. Those figures represent the highest number of foreclosures since March 2020 when nearly 47,000 U.S. homes held foreclosure filings, said Rick Sharga, executive vice president of market intelligence for ATTOM. March marked the 11th consecutive month in which foreclosure activity posted a year-over-year increase. Not only did foreclosure activity hit a peak, the time it took properties to foreclose ticked down 3 percent from the previous quarter. Properties foreclosed on in the first quarter were in the process for an average of 917 days, down from 941 in the previous period and 930 in the first quarter of 2021.

On a statewide level, California reported the highest number of foreclosure starts for the first three months of 2022 at 5,378. Florida and Texas took second and third place with 4,707 and 4,649 starts, respectively. Among major metros, Chicago saw the greatest jump in new filings during the first quarter of 2022 with 3,101 homes in foreclosure. New York City was close behind with 2,580 starts, despite a statewide foreclosure moratorium that expired in January of this year.