New Home Sales Boom, Foreclosures Loom

New Home Sales
New Home Sales

The headlines are full of the great news about new home sales. And some of them are warranted.

New sales of single-family houses soared 14.8 percent to a seasonally adjusted annual rate of 504,000 units. The April gain followed a 29.8 percent surge in March, the biggest monthly increase in 47 years, according to the Commerce Dept.

This is good news -- but not for the reason you might think.