Sunday, August 23, 2009
Mortgage Defaults Soar And
Unemployment Rates Skyrocket
Mortgage defaults are soaring and the unemployment rate remains just shy of ten percent. LA Times:
A mortgage trade group reported Thursday that more than 13% of the nation's mortgage holders were delinquent on their mortgages or in the process of having their homes repossessed during the second quarter of this year. That's the highest figure since tracking began in 1972. California's rate, 15.2%, was among the highest of all states.
The numbers underscore a worrisome trend. A spate of foreclosures -- which began with speculators who walked away from their souring investments, then spread to high-risk borrowers who couldn't make their payments when their low-interest mortgages reset -- is now hitting unemployed homeowners with good credit scores, clean financial histories and conventional home loans.
The U.S. has shed 6.7 million jobs since the recession began, employment losses that have left even high-quality borrowers struggling. One in three new foreclosures from April to June was from a prime, fixed-rate loan, up from 1 in 5 a year earlier. [ Let me remind the Pbama Cultists that during April to June, it is their Cult Leader, not W. Bush, who is responsible for this - Drake. ]
The U.S. jobless rate in July was 9.4%, down slightly from 9.5% in June, a 26-year high. California's June unemployment rate was 11.6%. July figures will be released today.
New claims for unemployment benefits increased last week. AFP:
New claims for US unemployment benefits rose unexpectedly for the second consecutive week, the government said Thursday, raising concerns that soaring jobless numbers could stifle recovery from prolonged recession.
The Labor Department said that initial jobless claims increased by 15,000 to 576,000 in the week to August 15, which happens to be the survey week for the monthly non-farm payrolls report, seen as one of the best indicators of economic momentum.
Most analysts had expected initial claims to fall to 550,000 in the past week -- the previous week's revised figure was 561,000 -- amid increasing signs that the recession since December 2007 was easing.
The July rate, up from 9.4 percent in June, was the highest for the city in more than 12 years.
Unemployment in the Las Vegas area jumped to 13.1 percent in July.
The state Department of Employment, Training and Rehabilitation said the 13.1 percent compares to 12.3 percent in June and to 6.9 percent in July a year ago. Statewide, unemployment rose from 12 percent in June to 12.5 percent in July with 179,300 persons jobless.
...the jobless rate in the Reno-Sparks area rose from 11.7 percent in June to 12.2 percent in July. Carson City’s rate increased from 11.5 percent to 11.7 percent in July. Unemployment in Elko inched up from 6.6 percent in June to 6.7 percent in July.
Regulators shut down two banks and two thrifts Friday, bringing the total number of failed U.S. banks and savings and loans during 2009 to 81.
Guaranty Bank of Texas is the latest to be added to the gallery of failed financial institutions. Federal regulators seized the bank Friday night, the 10th-largest banking failure in U.S. history. It comes on the heels of last weekend's failure of Colonial Bank of Alabama, the 6th-largest failure.
Guaranty Bank had 103 branches in Texas and 59 branches in California. Guaranty Bank's branches, deposits and most of its assets were sold to Spain's Banco Bilbao Vizcaya Argentaria (BBVA), operating as NNVA Compass, Birmingham, Alabama.
This is his economy. Obama is the one who told corporations they won't be able to travel for business and/or pleasure. He's the one who said the problem for a bad economy is regulating the Free Market to death. He's the one who said corporate retreats or conferences in lavish places like Vegas is part of the Free Market problem.
Do you work in the hospitality industry? Did you vote for Pbama? Do you still support your Cult Leader? If you do, you're a fool.
Pbamanomics. Made possible by Nazi Sympathizer, Jewish Jew-hater, America-hater and Pbama Puppet Master
I gotta turn that into one of the motivational type posters/images. Like the "Failure" one. I think way back when you gave me permission to use it, but I just want to ask again if it's okay? Can I use it in an image? It is your phrase and I don't want to infringe on your or anyone's intellectual property.
I consider it your intellectual property, and I would never use it without your permission.
I've had my intell prop infringed upon and it really sucks. That's why I started putting the blog name across and embedded via watermark on my images. Some jackass (a professed Conservative, mind you) took my Obama smoking a cigarette image, cropped out my blog url (which I was only listing on the lower/bottom of images back then) and ran it as HIS OWN! What a douchebag piece of shit. Like someone is going to see it and say, "hey, that's original, he created it, let's give him job."
Fuck that shit. I respect the intell prop rights of others and would like others to extend the same, basic courtesy to others as well.
"The Kenyan Usurper." Heh, now I have two PhoChops to create!
Thanks again, Molson.
Links to this post:
accordance and compliance with Fair Use Section 107 U.S. Copyright Code.
All other images and content © 2005-2009 David Drake.
Not responsible for content contained at linked sites.
Policy on commenting:
- Anonymous comments have little chance of being published.
- Comments made on posts 60 days old or older have little chance of being published.
- Published comments do not necessarily reflect the views of this blog author.
- Discretion of publishing or rejecting submitted comments rests solely with the owner and creator of this blog.
- Comments that egregiously "plug" (i.e. advertise or promote) another site or blog will be rejected. This doesn't mean you cannot include a link to your story, blog or to another site, but don't go overboard.
- Profanity is not a disqualifying factor, but profane rants solely for purposes of profanity are unlikely to be published.
- The owner and creator of this blog is not liable or responsible for the opinions of those who comment.