Economy: Home Foreclosures, Unemployment | 06/11/2009 10:15 am
Home Foreclosures Still Coming Too Fast for Comfort. Have We Really Seen the Worst of the Economy?
Economic news today is a mixed bag — while some experts say we’ve turned a corner for the better, too many people are still being forced out of their homes.
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You may have thought the economy was getting better, and, in some ways, it is — but the picture isn’t all that rosy.
For example, May home foreclosures in the United States were down from April’s record of 342,000 homes receiving default notices, auction notices or news that the bank was repossessing them, but last month still saw the third highest number of doors being shut for good in the country’s history. Reuters reports that foreclosure filings were down six percent in the month but spiked 18 percent from May of last year — more than 321,000 households got foreboding notices last month. To make this simpler: one in every 398 households with mortgages received foreclosure filings last month alone. A total of 1.8 million families could lose their homes by the end of the first half of this year. Which states had the most? Bloomberg says Nevada, California, Florida, Arizona and Utah. Michigan, Georgia, Colorado, Idaho and Ohio aren’t doing so well, either.
What does the Obama administration say about its plan to save four million homes? "Give us more time."
Meanwhile, government numbers out today show that the number of Americans filing new applications for unemployment benefits fell more than expected last week — the number of claims was 601,000 — but ongoing claims increased by 59,000 for a total of more than 6.8 million people. In some brighter news, retail sales last month rose, which means at least some consumers are feeling a little less squeamish these days about opening up their wallets. Experts said this could be a sign the economy is turning a corner, but let’s not speak too soon!
Read more about: Consumer Confidence, Economy, Home Foreclosures, Jobless Claims, Mortgage, News, Obama Administration, President Obama, Retail Sales, Unemployment, Unemployment Benefits, US
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42 Reader Comments (so far…) Sign In or Register to comment
This country isn’t even nearly over what the spending of Obama has in store for the taxpayer. The "retail sales" include the discount car deals that are now in effect and gas sales…so it is not a good indicator that we are recovering.
According to Realty Track 1 in 398 homes are in foreclosure. Mortagage rates and delinquencies are up. No recovery there.
Jobs…600,000 are filing for FIRST time unemployment. 5 people are competing for the same job, compared to 2 as the norm.
Unemployment has already past the point that Obama promised would be stopped by passing the stimulus bill…Regulators forcing banks into unsecured home loans of Freddie and Fannie is still "leveling the playing field"…and it will continue as long as the those filing for unemployment continue in the numbers it is now.
But, Obama doesn’t care…his agenda is to grab all of the economy that he can under government control. Banks, private business, energy, health care…government will be telling the American people what to drive, what to eat, what to buy and if and when they can get medical proceedures.
This is not the America that we think it is, Obama has started a take over that eclipses the American citizen’s will…all done under the banner of fear and "change".
He is a globalist and his only concern is his standing on the world stage, America is just his "buy in". We have been duped and lead by our spoiled ears down the path of globalism. Our only hope is to stand together and vote this administration out, restore our country to a more moderate and free Nation.
Too sad fp…what part of 1 in 398 home forclosed don’t you get? What part of 600,000 first time filers of unemployment don’t you get? Not tantrums facts.
Obama’s socialist and globalist agenda…not just my opinion. You may call that a "tantrum"…but many consider it the obvious track that he is on and what all of his spending and grabbing of control of the economy is about. The people are acting as sheeple, enamored by a leader…blinded by their own selfishness. Not just my opinion…but opinion none the less.
Well fp I understand plenty….I understand that some of the American people bought houses that they COULD NOT AFFORD.
Their bad decision.
I understand that the DEMS forced regulators into the Freddie and Fannie sub prime loans.
I understand that some Americans charge and spend money THAT THEY CAN NOT AFFORD.
Their bad decision.
Bush had a hand in starting the spending and OBAMA HAS TRIPLED IT.
Socialism…not just my opinion…or Fox ….have you not read NEWSWEEK or any other publications? Do you not read what other National leaders have to say about our MOVE TOWARDS SOCIALISM?
What part of the above don’t YOU understand? My understanding is quite clear.
Well fp….you obviously don’t understand at all. I am not talking about the history of where we are now…I am dealing with the hear and now. And right NOW Obama is spending our Nation into oblivion. He is grabbing government control over the economy and fast tracking this country into a Nanny state. Not what we voted forl.
As for Socailism, I most definetly know what it is…along with the millions of other Americans that are acknowledging the actions that this President is taking.
I know…why don’t you email Newsweek and let them know that they don’t have a clue either? I am sure that they would appreciate your expertise.
But you won’t do that. You will stauchly ignore all that Obama is doing….and allow his lies and deceit to continue. All to save face over a vote gone wrong.
fp, I was just thinking the same thing . Same old multi parargraph rant, regardless of the topic. It’s all Obama’s fault. Very predictable.
From Econ 101 , I learned that simply growing the money does not create economic activity. The money has to be put into motion, too. The basic equation is GDP = Money X Velocity of Money. Unless we keep money moving ( velocity) the economy will shrink and change behavior a decade or longer.Look at Japan in the 90’s. Obama does get it. Banks do not have the capacity right now to take on further risks. The Stimulus Package is designed to create money and keep it moving in the way of new and rebuilt infrastructure,( so badly needed) which will require new jobs , especially in the newer green sectors( turbines) The velocity of the money has to happen now. Energy and water development get a big bite. A big hunk of of it goes to education,( 53 billion) and thank goodness for that. All of these main arteries of American life have been ignored for too long. Oh… and the daily grind of supporting two wars and Pakistan also takes its toll.