Tuesday, May 25, 2010

Home foreclosures break record in Q1 2010
Foreclosure rates have risen 5% since Q4 2009


WASHINGTON, DC—Mortgage delinquencies and foreclosure actions rose from 4.58 percent to 4.63 percent from the end of last year to March, 2010. The five percent rise translates to one in seven homes being delinquent or in foreclosure.

And these numbers are directly attributable to the unemployment rate, which rose again in April 2010 to 9.9 percent, with the U-6 rising to 17.1 percent:

In April Arkansas's Unemployment Rate Remained At 7.8 Percent. (U.S. Bureau of Labor Statistics, www.bls.gov, Accessed 5/21/10)

In April, California's Unemployment Rate Remained 12.6 Percent. (U.S. Bureau of Labor Statistics, www.bls.gov, Accessed 5/21/10)

In April, Colorado's Unemployment Increased From 7.9 Percent To 8 Percent. (U.S. Bureau of Labor Statistics, www.bls.gov, Accessed 5/21/10)

In April, Indiana's Unemployment Rate Increased From 9.9 Percent To 10 Percent. (U.S. Bureau of Labor Statistics, www.bls.gov, Accessed 5/21/10)

In April, Nevada's Unemployment Rate Increased From 13.4 Percent To 13.7 Percent. (U.S. Bureau of Labor Statistics, www.bls.gov, Accessed 5/21/10)

In April, Oregon's Unemployment Rate Remained At 10.6. (U.S. Bureau of Labor Statistics, www.bls.gov, Accessed 5/21/10)

In April, Pennsylvania's Unemployment Remained At 9 Percent. (U.S. Bureau of Labor Statistics, www.bls.gov, Accessed 5/21/10)

These numbers come after the administration had publicly stated that passing the Stimulus Package would keep unemployment under 8 percent. But despite the stimulus package, the economy continues its anemic pace. The Wall Street Journal is now forecasting a double-dip recession or "W" shaped recovery.


-- Killswitch Politick




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