Coming Back From the Brink

Thanks to the gubmint takeover of the auto industry, the insurance industry and the banks – I was reassured to hear last night during the speech that we “turned away from the brink”. Turning away from the brink evidently doesn’t mean that we should stop having the gubmint takeover the healthcare industry though.

But what if…

U.S. mortgage foreclosure filings in August hovered near July’s record high despite broad efforts to keep borrowers in their homes and will probably rise for another year, according to a report released on Thursday.

Filings — including notices of default, auction and bank repossession — dipped 1 percent last month from July’s all-time high and were up 18 percent in August from the same month a year earlier, real estate data firm RealtyTrac said.

Ruh-roh. That would be the hyperpartisan, rightwing RealtyTrac calling Obama a liar for which they should promptly apologize and be censured for insulting the office of the Presidency.

“We had been thinking that this year would be the peak, but at the rate things are going right now, it’s appearing more likely that late 2010 might be the peak year before things start to moderate,” Sharga said.

You think you’ve turned the corner when the worst is yet to come. Wait for those state unemployment benefits to run out at the end of this year with our wonderful new and improved Jobless Recovery ™.

You can’t own a home without a job.