Economic News: Jobless Claims Drop to Fresh Lows; Foreclosures Fall, But...

The U.S. Labor Department Thursday said that the number of Americans filing first-time unemployment claims last week dropped to a four-year low.

Labor reported that the total applications for initial benefits for the week ended March 10 dropped by 14,000 to 351,000, the lowest number since 2008. The four-week moving average was 355,750, unchanged from the previous week’s revised average of 355,750.

The number was lower than analysts expected.

Labor did, however, revise the previous week’s initial claims upward by 3,000.

Initial unemployment benefits claims have settled in a narrow range — from 350,000 to 380,000 — over the past few months, a level historically associated with a modest increase in hiring.

Foreclosures Fall in February, But the Trend is Not a Friend

Foreclosure filings in the U.S. fell 8 percent in February, the smallest year-over-year decrease since October 2010, according to RealtyTrac Inc.

A total of 206,900 homes received notices of default, auction or repossession last month, down 2 percent from January. But there are signs that foreclosures could begin to increase again as large banks work through a backlog of repossession cases.

A $25 billion settlement with the five largest lenders, announced Feb. 9, removed some barriers to property seizures and provided a “clear road map” for future actions, Brandon Moore, RealtyTrac’s chief executive officer, said in the statement.

“February’s numbers point to a gradually rising foreclosure tide,” Moore said. “That should result in more states posting annual increases in the coming months.”

Filings climbed in the 26 states where courts oversee foreclosures, rising 2 percent from January and 24 percent from a year earlier, RealtyTrac said.

In the 24 states where seizures can proceed without court approval, filings declined 5 percent from January and 23 percent from February 2011.