13 cities post unemployment rates over 15%. Please click on the title for more.
Check this out:
The Unlucky 13:
In April 2009, 13 U.S. cities had unemployment rates above 15%.
El Centro, Calif.
Yuba City, Calif.
Remember when Ben(dover) Bernanke said unemployment rates would not exceed 8%. Reality check, dude. Nationally, unemployment rates hit 9% a month ago. These unlucky 13 cities are posting far higher numbers, and the numbers are most likely to go up as Chrysler and GM layoff thousands.
Then we have the foreclosures. FOX news reported this morning that 1 in every 8 houses are in foreclosure. ONE in EIGHT, guys!! I knew four years ago we were headed for the cliff with foreclosures.
As I watched people take out option arm mortgages, interest only loans, 2nds, 3rds and HELOC's, it was quite obvious. Property values raced to the top of the mountain so quickly from 2000-2006...what goes up must always come down. And down they did.
People were buying high and mortgaged to the hilt. Where are we today with foreclosures? 1 in 8 homes! Have the banks changed their lending practices? NO! I still see commercials for zero down payment, cash out refinances, and the best one is 'no social security number required.' Geez.
You know what? As often as Obama blames Bush for all the problems he 'inherited'. Obama owns this recession...or dare I say Depression. It's all yours Obama.