"Unemployment is not respecting income boundaries," economist laments

[w¡n9Nµ7 §£@¥€r 123]

An increase in mortgage defaults among prime borrowers in 2009 is likely to accelerate this year, slowing the real estate recovery even as Americans become more optimistic about the economy, said Robert Shiller and Karl Case, the economists who created the S&P/Case-Shiller Home Price Index.

...

Employers have cut more than 7.2 million jobs in the last two years, the biggest employment loss since the Great Depression. Measured annually, the U.S. jobless rate probably will average 10 percent in 2010, according to the median estimates of economists surveyed by Bloomberg. That would be the highest rate in government records dating to 1948, after rising to a 26-year high of 9.3 percent last year.

“Unemployment is not respecting income boundaries,” said Case in an interview. “It’s affecting rich people, poor people and middle-income people and they all have mortgages.”

http://bloomberg.com/apps/news?pid=2060110...1kJs&pos=12

[scandal 951]

From the same article:

The foreclosure inventory of prime adjustable-rate loans rose to 10 percent in the third quarter, more than doubling from a year earlier, while prime fixed-rate loans more than doubled to 1.95 percent, said Jay Brinkmann, chief economist of the Mortgage Bankers Association in Washington.

ARM loan foreclosures at 10%, fixed-rate foreclosures at 1.95%. Both numbers for prime, not sub-prime. Wow. Mama always said stay away from those ARM loans.

While an increase in prime foreclosures will slow the housing recovery that began in September, it won’t be enough to knock it entirely off track, Case said. Home resales in November rose to the highest level in almost three years, the third consecutive monthly gain, and the supply of new homes for sale is at the lowest level in almost four decades.

“That’s taking some of the pressure off,” Case said. “Hopefully in 2010 we’ll see some recovery.”

...

The economy probably will expand 3.5 percent in 2010 as it recovers from a 2.5 percent contraction in 2009, according to Dean Maki, the chief U.S. economist at Barclays Capital in New York. Maki, the most-accurate forecaster in a Bloomberg News survey, estimates the unemployment rate will average 9.6 percent in 2010.

See AJ? It's not all bad news. Housing is recovering, GDP will be up a healthy 3.5% in 2010, and even the labor market sees signs of recovery.

[Pinocchio Liberal 268]

From the same article:

ARM loan foreclosures at 10%, fixed-rate foreclosures at 1.95%. Both numbers for prime, not sub-prime. Wow. Mama always said stay away from those ARM loans.

See AJ? It's not all bad news. Housing is recovering, GDP will be up a healthy 3.5% in 2010, and even the labor market sees signs of recovery.

Your nuts!

[scandal 951]

Your nuts!

My nuts are just fine. Thank you for asking.

[Pinocchio Liberal 268]

My nuts are just fine. Thank you for asking.

You aint got no nuts! Perhaps someone is holding them for you.

[scandal 951]

You aint got no nuts! Perhaps someone is holding them for you.

Marc'ie poo :star: . Poor little Marc'ie poo :star: .

You've got 3 multi-syllabic words in that sentence. That exceeds your limit for big words, I'm afraid.

Careful you don't go tripping over your keyboard. Wouldn't want you to have an accident and miss out on a promising night of raving lunacy.

[Pinocchio Liberal 268]

Marc'ie poo :star: . Poor little Marc'ie poo :star: .

You've got 3 multi-syllabic words in that sentence. That exceeds your limit for big words, I'm afraid.

Careful you don't go tripping over your keyboard. Wouldn't want you to have an accident and miss out on a promising night of raving lunacy.

Im sorry to hear that! I hope all that bullshite pays off for ya when the oceans rise 29 feet. Thats all you GOT?

[scandal 951]

Im sorry to hear that! I hope all that bullshite pays off for ya when the oceans rise 29 feet. Thats all you GOT?

Well, that's not all I got. I do have my nuts, after all. Resting snugly where they belong.

[Pinocchio Liberal 268]

Well, that's not all I got. I do have my nuts, after all. Resting snugly where they belong.

You were neutered at birth and you know it!