Monday, December 8, 2008

Signs of the New Recession: Homeowner Edition

By Chris Thompson
Mon, Dec 8, 2008 at 11:05 AM

You have undoubtedly read the grim news that 533,000 jobs were lost in November alone, the biggest one-month job loss since 1974. But here's a little salt for that wound: according to the San Francisco Business Times, the Mortgage Bankers Association reports that ten percent of American homeowners are at least one month behind in their mortgage payments, or in foreclosure proceedings. A total of 1.35 million homes went into foreclosure in the third quarter.

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