Update from the Foreclosure-Based Economy 0
It’s doing quite nicely, thank you.
Foreclosures are continuing apace, while shoddy bankster behavior contributes to reduced unemployment amongst lawyers and court personnel:
And the foreclosure crisis continues to weigh heavily on the fragile economy.
“Right now, it’s the second-biggest drag on the economy after the surge in oil prices,” said Moody’s Analytics chief economist Mark Zandi.
Already some 5 million homes have been lost to foreclosure; estimates of future foreclosures range widely. Zandi, who has followed the mortgage mess since the housing market began to crack in 2006, figures foreclosures will strike another three million homes in the next three or four years.
Much more at the link.
H/T Karen for the link.
