For years, bad loans and their aftershocks have been sending homeowners into foreclosure. Now it's lost jobs that are putting troubled borrowers over the edge.
As the economy tanks, unemployment is the major factor driving a much larger proportion of foreclosures now than in the earlier stages of the mortgage meltdown.
Friday, November 07, 2008
Job losses causing more foreclosures
According to CNNMoney, a growing proportion of foreclosures are being caused by job losses:
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It is a bit of a downward spiral that feeds on itself. I worry about this particular turn of events. The government is going to have to start producing jobs and fast.
ReplyDeletedespite all the stats, I still see thousands of high paying jobs posted on job sites.
ReplyDeletewww.linkedin.com (professional networking)
www.indeed.com (aggregated listings)
www.realmatch.com (matches jobs based on your skills)
Good look to those looking for work!
Gary said: "The government is going to have to start producing jobs and fast."
ReplyDeleteWhen did it become government's responsibility to produce jobs?
As if we don't already have enough gov't workers. Gov't should try support private industry to create jobs. Looks like that may not happen though for the next few years.