Saturday, October 17, 2009

Howzzat Recession Thing Going, There, Fellas?

CJR performs a great, weekly service by providing needful links:
About that housing market: (WaPo announced:) Foreclosures in the third quarter jumped 23 percent from a year ago and 5 percent from the second quarter. Some 925,000 households got a foreclosure notice sometime between July and September. (Hundreds of thousands of ARMs are scheduled to reset this autumn, promising MORE foreclosures before Xmas. W.:
Option ARMs were the most popular types of mortgage product between 2003 and 2006, as they provided many borrowers who otherwise would be unable to afford a home with a chance to purchase. Offering low mortgage rates for a fixed time (usually 5 years), interest rates were scheduled to readjust some time in the future.
It is predicted that from 2010 to 2012 there will be approximately $150 billion of option ARMs resetting. Some predict this will lead to a slew of new foreclosures across the country.)
MSNBC has a nice graphic look at how and where the recession is hitting the country. One-fifth of metros are in technical recovery. The rest are in moderating or full-blown recession.
That means the 80% of the country is still strruggling under the burdens of economic turmoil.

But just keep clapping, and YOU can SAVE Tinkerbelle!

1 comment:

Dr. Geophysics said...

The graphic and analysis on MSNBC is not accurate (surprise). Check the Anchorage Times for their lead story about rising unemployment throughout the state for details.