Business

<< Previous   of   Next >>   ADVERTISEMENT   CONTACT THE HERALD Mike Benbow, Business Editor benbow@heraldnet.com   Published: Thursday, April 16, 2009 Foreclosures grow in 2009 by 24 percent The number of American households threatened with losing their homes grew 24 percent this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday. The big unknown for the coming months, however, is President Barack Obama's plan to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans. The Obama administration expects to make a big dent in the foreclosure crisis. But it remains to be seen whether the lending industry will embrace it, despite $75 billion in incentives. Nationwide, nearly 804,000 homes received foreclosure notices from January through March, up from about 650,000 a year ago, according to RealtyTrac Inc. In March, more than 340,000 properties were affected, up 17 percent from February and 46 percent a year earlier. Snohomish County had 3,656 properties in foreclosure in March, RealtyTrac reported. Sharp sales drop for Burger King Burger King Holdings Inc. reported preliminary revenue for its fiscal third quarter Wednesday that came in below analyst estimates, saying traffic at the fast-food chain's stores fell sharply in March. Its shares dropped 17.7 percent on the news, or $4.01, to close at $18.67. Burger King said preliminary revenue for the quarter ended March 31 totaled $600 million, up 1 percent from $594 million in the same period last year. Analysts polled by Thomson Reuters, on average, had predicted revenue of $625.8 million. Still, Burger King said it expects third-quarter earnings of 33 cents to 35 cents per share. Analysts predict a profit of 33 cents per share. The company is scheduled to release full third-quarter earnings on April 29. American losses less than expected American Airlines parent AMR Corp. says it lost $375 million in the first quarter as people flew less during the recession, wiping out the benefit of cheaper fuel. Still, the loss reported Wednesday was smaller than Wall Street expected, and AMR shares rallied, rising 66 cents, or 15.5 percent, to $4.88 in midday trading. AMR lost $1.35 per share in the first quarter, including a charge of 5 cents per share related to leases on retired aircraft. Revenue was $4.84 billion. Analysts surveyed by Thomson Reuters expected AMR to lose $1.68 per share on revenue of $4.73 billion. Alaska Air pilots set contract vote Alaska Airlines and the union for its 1,500 pilots say they have a tentative agreement on a four-year contract. The Air Line Pilots Association is expected to announce results of a vote in the third week in May. The contract has been in negotiation for more than two years. Terms were not announced Wednesday, but the union's Bill Shivers says it meets goals of improving or protecting pay, job security, retirement and health benefits. From Herald news services READER COMMENTS Be the first to comment. You must be a registered user and verify your e-mail address to post comments to blogs or articles on HeraldNet. To register, click here. To read other terms and conditions, click here. Log out

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