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Recession Briefing: Foreclosures Slowing

What you need to know today to survive and thrive in the recession.

The foreclosure crisis isn’t over, but the pace of growth may finally be slowing down. RealtyTrac said Thursday that the number of U.S. households facing foreclosure in February grew 6% from the year-ago level, the smallest annual increase in four years. (Associated Press)

The number of cosmetic-surgery procedures in the U.S. sagged for the second year in a row in 2009, according to an annual survey by a plastic surgeons’ association. (Wall Street Journal)

An economically depressed British town is filling empty storefronts with fake businesses so that the district doesn’t look so empty. (BBC)

Bank of America Corp. has apologized after its local contractor entered the home of a mortgage borrower when she was away, cut off utilities, padlocked the door and confiscated her pet parrot, Luke. (Wall Street Journal)

Bahrain’s finance minister said adherence to strict Islamic rules helped his country escape the worst of the global recession. (CNN)

The government ran up the largest monthly deficit in history in February. The Treasury Department said Wednesday that the February deficit totaled $220.9 billion, 14 percent higher than the previous record set in February of last year. (Associated Press)

The recession is forcing cash-poor consumers to stick to the basics when they shop, according to a list of the most valuable U.S. retail brands as ranked by Interbrand. (Forbes)

The number of Americans filing for first-time claims for unemployment insurance fell last week, the Labor Department said today. There were 462,000 initial claims filed in the week ended March 6, down 6,000 from the previous week’s downwardly revised 468,000. (CNN/Money)

Payday lenders, pawnbrokers, car dealers and other companies that make loans but do not hold bank charters would be shielded from the scrutiny of a proposed federal consumer protection regulator under the terms of a tentative compromise between senators.  (Washington Post)

Bubbles are back as a topic of serious discussion, as they were before the financial crisis. The questions today are: (1) Can you spot bubbles? (2) Can policy makers do anything to deflate them gently? (3) Can anyone make money when bubbles get out of control? (New York Times/Economix)

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