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Bad new keeps on coming
November 13, 2008 - Steve Murch
Two reports released Thursday offer more bad news for the U.S. economy: • The number of home foreclosures in October rose 25 percent nationwide over 2007, according to RealtyTrac. One in every 452 homes received a foreclosure filing. • The Labor Department reported jobless claims reached a seven-year high to a seasonally adjusted 516,000 — up 32,000 last week.
The jobless claims number is only the second time since 1992 that those filing for unemployment has topped a half-million people. The last time the number was this high was shortly after the Sept. 11, 2001, attacks.
For those who still doubt we’re in a recession, the four-week average for unemployment claims is 491,000 — the highest in 17 years. One sign of a recession is when those claims are about 400,000. The four week average is about 153,000 above last year.
It doesn’t get any better when it comes to home ownership. The increase in foreclosure notices is 5 percent over September. On top of the nearly 280,00 homes that received at least one foreclosure-related notice, 84,000 properties were repossessed.
Michigan again was in the top ten states for the number of foreclosures, ranking seven. Nevada, Arizona and Florida were 1, 2 and 3 respectively. The rest of the top 10 were familiar — California, Colorado, Georgia, New Jersey, Illinois and Ohio. Nevada had the highest rate for the 22nd straight month.
Las Vegas was the No. 1 city and Phoenix was No. 10; California and Florida had the other eight cities on the top 10 list.
You have to wonder if that number is only going to go up as more people file for unemployment.
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