New Home Sales Boom, Foreclosures Loom

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.