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Nothing To Do, Nowhere To Go (Updated) 0

The foreclosure-based economy (see below) continues its path of job creation:

Jobless claims rose by 13,000 to 462,000 in the week ended Oct. 9, Labor Department figures showed today in Washington. The total number of people on unemployment insurance rolls decreased to the lowest level since November 2008, while those getting extended benefits declined.

And more to come:

Lenders took over 102,134 properties last month, RealtyTrac Inc. said in a report today. That was the highest monthly tally since the company began tracking the data in 2005, surpassing the August record of 95,364. Foreclosure filings, including default and auction notices, rose 3 percent from the prior month to 347,420. One out of every 371 households received a notice.

Addendum, That Same Evening:

Zandar points out that the revised unemployment numbers seem always to be significantly worse than the initial ones.

Thoreau has a suggestion. Please read his entire post for context–it’s worth the two minutes:

If it really is so screwed up beyond recognition that nobody has the ability to establish ownership (either to give title to those who pay their loans or to foreclose on those who don’t) then I am tempted to say that perhaps those mortgages should just be forgiven and everybody owns their homes, given the tough economic times. If nothing else, it would teach a lesson to bankers who cut corners on documentation. . . .

October 14, 2010 | Posted by: Frank | Posted in: Political Economy | Bookmark this post

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Nothing To Do, Nowhere To Go (Updated) 0