CNBC reports, “Foreclosures jumped 14 percent in December 2009 from the previous month, according to a new report from foreclosure listing Web site RealtyTrac.com. The increase came despite foreclosure suspensions during the holiday season from Citigroup, Bank of America and Fannie Mae.” The VP of RealtyTrac went on to say, “Had we not had a moratorium, it would have been even higher than we saw” and expects Q1 of 2010 to reflect a continued increase in foreclosures.
Meanwhile, the mainstream media reports that for November to December, “U.S. retail sales fell unexpectedly…providing a stark reminder that not all consumers are buying into the idea of economic recovery.”
Lastly, CNN reports “The number of Americans filing for initial unemployment insurance rose more than expected last week, the government said Thursday.”
As many of us have said time and again, 2010 should just be called the “2009 Redux.” Only worse.
Just consider 2009 a 24 month year, expect more of the same, and brace yourself.
Categories: Government Failures
There is no evidence that 2010 will be like 2009, and there is increasing evidence that 2010 will be MUCH better than 2009. Wednesday’s Fed Beige Book report showed the economic recovery SLOWLY spreading across the country. Unemployment WILL start to fall by February (reported the first week of March). Check out http://www.economonitor.net for good, statistical-based evidence of the recovery.