There are enough indications that the US economic recovery will not be easy and smooth. While there are some good signs like robust US retail sales and increasing industrial orders, there are also quite a few negative signals.
The US unemployment rate continues to remain very high at 9.7% , and now the foreclosures data for the first quarter of 2010 is reflecting a bad picture.
There has been a massive 7% increase in US home foreclosures in the first quarter only due to increasing unemployment level across states. The banks were unable to avoid seizure of homes from defaulting customers since they are not showing any signs of becoming good in the near future.
There are experts who fear that there could be more home foreclosures in the second quarter, since more people would have exhausted all their credit facilities.