Clearly this is good for out of touch John McCain.
Americans’ confidence in the economy continued to plunge this month as their homes lost value at the fastest rate in two decades, according to reports released on Tuesday.
The data suggested that the housing slump was far from a recovery and the job market might continue to weaken, ratcheting up pressure on the Federal Reserve, which began a two-day meeting on Tuesday, to take steps to stave off a prolonged slowdown.
The reports were consistent with a recession, economists said, though some optimists have insisted the economy is growing, albeit at a snail’s pace. President Bush remained in the latter camp at a news conference on Tuesday, where he said the economy was facing “a tough time.”
I read there’s a serious issue with jingle mail. People mailing in their keys to their bank because abandoning the property is the easiest solution for them.
Scary.
Some of them don’t even bother with the stamp–just leave the keys under the doormat and vamoose
Just read that a third to 40% of foreclosures are own by the bank. That is to say, they can’t even sell them at an auction to investors. They have no equity at all.
… Shit.
There’s almost no way there is going to be a fast recovery here.