Mortgage delinquency rate hits another record

NEW YORK (AP) - The pace at which people fell behind on their mortgages slowed during the summer for the third consecutive quarter, but the overall delinquency rate hit another record, a new report shows.

For the three months ended Sept. 30, 6.25 percent of U.S. mortgage loans were 60 or more days past due, according to credit reporting agency TransUnion. That's up 58 percent from 3.96 percent a year ago.

Hope!  Change!

The worst is not over

More Hope & Change:

Think the worst is over? Wrong. Conditions in the U.S. labor markets are awful and worsening. While the official unemployment rate is already 10.2% and another 200,000 jobs were lost in October, when you include discouraged workers and partially employed workers the figure is a whopping 17.5%.

While losing 200,000 jobs per month is better than the 700,000 jobs lost in January, current job losses still average more than the per month rate of 150,000 during the last recession.

Also, remember: The last recession ended in November 2001, but job losses continued for more than a year and half until June of 2003; ditto for the 1990-91 recession.

So we can expect that job losses will continue until the end of 2010 at the earliest. In other words, if you are unemployed and looking for work and just waiting for the economy to turn the corner, you had better hunker down. All the economic numbers suggest this will take a while. The jobs just are not coming back.

Most people, certainly not those now trying to micromanage our economy, have no idea how business works.  They don't hire or expand unless they are doing well and can foresee continuing to do well for a long time.  They don't ever start unless things look very secure- they and banks won't risk the capitol, new ventures have the deck stacked against them in the best of times.

It always takes a year or two of stability plus 2-3 more of what appears to be a good future for a company to feel comfortable growing.  Businesses starting getting spooked last Summer when it looked like a Marxist was going to become President.  As long as he's in there most businesses will not feel safe, and jittery businesses don't hire permanent workers or buy equipment which is built by other workers.

10.2%

Stolen from Instapundit

WASHINGTON – Just when it was beginning to look a little better,

[KOFFBULLSHITKOFF]

the economy relapsed

Relapsed?  When did it improve, dipshit?

Friday with a return to double-digit unemployment for only the second time since World War II and warnings that next year will be even worse than previously thought.

Only to those that have no damned idea what they're talking about.  The people out here trying to keeps roofs over our heads know how bad it is and were not fooled by the sunshine Obama and his lapdogs, the Obamamedia have been trying to blow in our faces for the last month.  This whole "we've turned the corner" noise wasn't fooling anybody.

The jobless rate rocketed to 10.2 percent in October, the highest since early 1983, dealing a psychological blow to Americans as they prepare holiday shopping lists. It was another worse-than-expected report casting a shadow over the struggling recovery.

President Barack Obama called it "a sobering number that underscores the economic challenges that lie ahead." He signed a measure to extend unemployment benefits and to expand a tax credit for homebuyers.

He doesn't have any choice but to extend unemployment benefits.  The tax credit for buying a house is more BS, how about one for people trying to pay for the ones they already have?

Economists had not expected the 10 percent mark to come so quickly

Your so-called "economists" are idiots.  Biden-level idiots.

and immediately darkened their forecasts. Mark Zandi, chief economist at Moody's Economy.com, and Joshua Shapiro, chief U.S. economist at MFR Inc., predicted the rate will peak at 11 percent by mid-2010. They earlier had projected 10.5 percent.

Add another 1 or 2 to that and you'll be closer, and don't expect it to start coming down until after the 2010 elections, assuming the people of this country have removed their heads from their rectums by then.  I know, that's a longshot.

"It's not a good report," said Dan Greenhaus, chief economic strategist for New York-based investment firm Miller Tabak & Co. "What we're seeing is a validation of the idea that a jobless recovery is perfectly on track."

Oh.  My.  God.  If your money is being managed by Miller Tabak & Co., get ooouuuut.  They are living in Obamalala Land.  Greenhaus thinks there's recovery breaking out all over while the unemployment rate goes up.  The whole idea of a jobless recovery is a political newspeak fantasy.  It does not exist.

The Labor Department, using a survey of company payrolls, said the economy shed 190,000 jobs in October. A separate survey of households found 558,000 more people were unemployed last month than in September. Some 15.7 million Americans are out of work.

How's that Hope & Change working for you?

Banks With 20% Unpaid Loans at 18-Year High Amid Recovery Doubt

Oct. 2 (Bloomberg) -- The number of U.S. lenders that can’t collect on at least 20 percent of their loans hit an 18-year high, signaling that more bank failures and losses could slow an economic recovery. 

How's that Hope & Change working for you?

2007 = 43%, 2009 = 61%

As the economic downturn trudges on, many workers are struggling with household budgets. About six in 10 workers -- 61% -- report they always or usually live paycheck to paycheck just to make ends meet, compared with 49% last year and 43% in 2007, according to a new nationwide survey of more than 4,400 workers by CareerBuilder.

Lucky dogs.  I wish I had it so good.