Tuesday, June 23, 2009

Is this a surprise?

"Lost jobs forcing more out of homes - The nation's foreclosure crisis — once largely confined to only a few corners of the country — is spreading to new areas as the economy teeters. The foreclosure rates in 40 of the nation's counties that have the most households have already doubled from last year . . . Unlike the foreclosure wave that began in 2007 and was driven by risky subprime loans, the latest increases are the result of the recession, which brought a sharp rise in unemployment across the country . . ."


Did our government not foresee that 10% unemployment would result in an increase in foreclosures?

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