"Disaster" is not too strong a word for what's going on in the government-run housing market. So says Michele Johnson, president & CEO of Credit Consumer Counseling Service in Nevada. Lender Processing Services reported today that the mortgage delinquency rate has surpassed 10% nationwide. If you count foreclosures in the pipeline, the overall "non-current" rate is 13.3%.
Although the Empire prefers that you remain blissfully ignorant of the misery all around you, some stories are just too Big & Ugly to ignore. A CBS poll (hat tip, Tim Iacono) shows that most Americans are upbeat about the Housing Market.
Most Americans expect their local housing market to remain the same or improve over the next year, a newly-released CBS News poll finds. The results point to widespread consensus that the worst days of the housing crisis have passed.
Of course they're optimistic. Americans live in Disneyland, which is not an accident. NPR's Morning Edition is prattling on today about increases in worker productivity, which "many economists" regard as a sign of recovery. If your phony GDP is surging, and the number of those holding jobs is going down, worker productivity must be skyrocketing!
Meanwhile, watch this CBS video to learn why "disaster" is not too strong a word during the "statistical recovery and human recession."
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