U.S. foreclosures up 60 percent last month

Foreclosure filings across the U.S. rose by 60 percent in February, while bank repossessions more than doubled as rates on adjustable mortgages reset, according to RealtyTrac. “We’re in a vicious cycle,” said Rick Sharga, executive vice president of RealtyTrac, which sells foreclosure data. “We’ve got depreciating home values and loans resetting at an outstanding volume just as banks are retrenching. Even people who want to buy a home now are having trouble getting a mortgage.”