Reading about a depression is depressing. What can I do about that? Hey, don't worry. Be happy. It's hard to be grateful for what you have when your 401(k) lost most of its value and you have no savings, but it's probably the best thing you can do for your mental health. Sonja Lyubomirsky, professor of psychology at the University of California-Riverside.
That said Martha, take a gander at some of these notes / stats.
The jobless rate jumps to 8.1% as employers cut another 651,000 jobs in February.
Harvard University economist Robert Barro has found that big market drops raise the probability of an outright depression, defined as a GDP drop of 10 percent or more.
Home prices at the national level have already plunged nearly 27 percent from their 2006 peaks.
Richard Moody, the chief economist of Mission Residential, expects values to drop another 10 to 15 percent before bottoming out in the middle of 2010.
If the ongoing recession evolves into a full-blown depression, home prices could fall an additional 25 to 30 percent
now that their 401(k) is a 201(k)
It will take the typical employee with 20 or more years on the job an extra 1.8 years working to recover recent market losses, according to calculations by Jack VanDerhei, research director of the Employee Benefit Research Institute.
Factory orders also slipped for the sixth month in a row in January, the Commerce Department reported.
Labor Department said new unemployment claims last week totaled 639,000
Florida, where 60 percent of homeowners who have a subprime ARM are at least one payment behind and one in five of all mortgage holders aren't current.
economic model from the Federal Reserve Bank of New York predicts the recession, already 16 months old, will end this year.
White House economists are predicting a strong rebound over the next three years.
private forecasters are far gloomier, predicting tepid growth going forward for several years and unemployment rising to at least 10 percent next year and staying elevated.
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Mortgage Delinquencies Hit New Record
A stunning 48 percent of the nation's homeowners who have a subprime, adjustable-rate mortgage are behind on their payments or in foreclosure, and the rate for homeowners with all mortgage types hit a new record
A record 5.4 million American homeowners with a mortgage of any kind, or nearly 12 percent, were at least one month late or in foreclosure at the end of last year, the Mortgage Bankers Association reported. That's up from 10 percent at the end of the third quarter, and up from 8 percent at the end of 2007.
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