15% of all mortgages currently in default or foreclosure (CNN Money).
By Daniel at 19 November, 2009, 1:40 pm
ALL TIME RECORD! Not even in the Great Depression.
Add that to the 10% that failed already and 25% of our housing market is slammed and getting worse.
It is a record and getting worse because debt is at a record.
We will see the complete collapse of the housing market as even those who own their homes outright will see 18% property tax hikes (MSN.com).
For example CA is going to have another $21B deficit through 2010 and another $23B for 2011/2012. They will tax anybody left with homes to death.
Pretty amazing considering the amount of money and effort being thrown at preventing foreclosures.
It is getting worse because there are NO jobs for the giant growing number of former workers. Jobless recovery is a smoke and mirrors act from the District of Crooks. Fake GDP boost from Government looting of taxpayers to boost GDP is NO recovery.
- Ken
No comments yet.