U.S. foreclosures hit new high last year 

A record number of U.S. foreclosures were recorded last year, as adjustable-rate mortgages reset. The Mortgage Bankers Association reported that homes that were either past due on loans or in foreclosure increased to 7.9 percent in the fourth quarter, compared to 7.3 percent in the third quarter and 6.1 percent a year earlier. Meanwhile, foreclosures in New York City increased 15 percent in February compared to the previous month, and were up 113 percent from the previous year, according to a PropertyShark.com report.