Wednesday, May 19, 2010

Economy -- still sick, not recovering fast

ack!It's not just oil building up in the Gulf that's getting folks down; the economy is still tottering in the face of both unemployment and continued foreclosures. All that chat about the folly of subprime lending just hid the fact that many good-credit folks got in way over their heads. This statistic is rather grim:
One out of seven U.S. households with a mortgage ended the first quarter late on mortgage payments or in the foreclosure process, although the pace has ebbed now that unemployment appears to have peaked, the Mortgage Bankers Association said on Wednesday.
One in seven! whew. It's gonna be a while before new buyers appear for all those houses...

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