The Bad Economic News Continues
The Miami Herald reports that 1 in 5 Florida mortgage holders behind on payments.
The real news is that this includes people with normal fixed-rate mortgages, not just the variable rate sub-prime junk loans. The new spike at the end of 2008 is related to job losses.
Of historic note: the term “depression” was coined by Herbert Hoover. He felt it sounded better than the previous term used, “panic”. There really is a reason I call it the “GOPression”, besides snark, of course.
