Factory orders drop more than expected in November

(AP:WASHINGTON) Orders to factories fell for a record fourth straight month in November, and analysts believe manufacturing will continue to suffer in coming months as the country slogs through a recession entering its second year.

The Commerce Department said Tuesday that orders declined by 4.6 percent in November, nearly double the 2.5 percent drop economists expected. Orders have been falling since August, including a 6 percent plunge in October, the biggest setback in eight years.

The weakness in November reflected a big drop in demand for commercial aircraft. Weakness also was seen in autos, primary metals such as steel, and defense communications…

Home Foreclosures Continue to Rise, But Biggest Jump Still to Come

Foreclosure filings hit an all-time high with a 65% year-over-year increase in April and a 4% increase from March, RealtyTrac reported yesterday (Wednesday).

RealtyTrac Chief Executive James J. Saccacio said the 243,353 foreclosure filings last month was the highest since his firm began tracking the data in January 2005, The Wall Street Journal reported.

“Although only about 2% of households nationwide are in foreclosure, these properties contribute to already bloated inventories of homes for sale, and put downward pressure on home values,” Saccacio noted.

Nationwide, one in every 519 households received a foreclosure notice.

California, Florida, Nevada and Arizona were the hardest-hit states.…