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alstry (< 20)

It can happen to you and me and America



April 17, 2009 – Comments (2)

“The Legal Aid Society of Orange County – as well as the Public Law Center – report that more and more individuals like have spiraled into poverty and are now coming to their clinics seeking help. Dozens of other legal nonprofits statewide also attest to increased demand. ‘We have more foreclosures, we have more everything,’ said Bob Cohen, executive director of the Legal Aid Society. ‘We’ve never seen this need. Families are falling apart because they have no money.’”

“Haejung Hong of Fullerton turned to Legal Aid for help modifying her home loan so she could avoid foreclosure. Before the housing market collapse, the real estate agent was the family’s breadwinner, regularly earning more than six figures in commission. Now, she has not had a sale since last May. She and her husband, a high school teacher, struggle to make ends meet including supporting their three teen-age children.”

“‘I never thought this would be happening to me,’ Hong said. ‘All my sales just stopped.’”

Most RE agents are independent contractors.  They are NOT counted in the employment figures as they are NOT eligible for unemployment benefits.   There are millions and millions of Americans who are independent contractors.

This is reality is the FU virus....and it is spreading to epidemic proportions across America.

Prepare....Don't Fear.......Foreclosures and Notices of Forclosure are skyrocketing......Millions more about to lose their jobs.....these are simply the facts and we can't change them......until the facts change.

All suggestions for a solution are welcome on this blog.

2 Comments – Post Your Own

#1) On April 17, 2009 at 6:36 PM, RonChapmanJr (30.13) wrote:

Start stocking up.

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#2) On April 17, 2009 at 7:19 PM, alstry (< 20) wrote:

April 17 (Bloomberg) -- Indiana in March joined seven other U.S. states with a jobless rate of at least 10 percent, and unemployment surged in Oregon, Washington and West Virginia as the worst employment slump in the postwar era rippled through the economy.

Indiana’s jobless rate jumped to 10 percent last month from 9.4 percent in February, the Labor Department reported today in Washington. Michigan, with 12.6 percent, remained the state with the highest unemployment rate, followed by Oregon at 12.1 percent. The rate in California rose to 11.2 percent from 10.6 percent.

“There is a bad news story in just about every part of the country right now,” said Mark Vitner, a senior economist at Wachovia Corp. in Charlotte, North Carolina.

The above are U3 rates, U6 unemployment rates are approaching double these numbers.  We know that U6 is the more practical number of unemployment.

My blogging simply portrays the facts and Alstry's extrapolation of the facts.........

April 17 (Bloomberg) -- Federal Reserve Chairman Ben S. Bernanke said the collapse of U.S. lending will probably cause “long-lasting” damage to home prices, household wealth and borrowers’ credit scores.

“One would be forgiven for concluding that the assumed benefits of financial innovation are not all they were cracked up to be,” the Fed chairman said today in a speech at the central bank’s community affairs conference in Washington. “The damage from this turn in the credit cycle -- in terms of lost wealth, lost homes, and blemished credit histories -- is likely to be long-lasting.”

And you guys get upset at Alstry for being obnoxiously consistent????  How many times is Bernanke going to flip-flop???

I guess it's now going to be "long-lasting,"  at the current rate of deterioration, long lasting will likely become CATASTROPHIC.

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