7000 people a day – That’s a big number

by Tom on October 22, 2009
in Market Musings, Market Report, banks, house prices

So, there are 7,000 people a day who exhaust their unemployment benefits. That means that there are 7,000 people a day who are hanging on by a thread and that thread is being cut.

Guess what that’s going to mean for the number of foreclosures?

Guess what that’s going to mean for the delinquencies in mortgages?

They’ll both be going up as people’s options are running out…..

Tom Vanderwell

Calculated Risk: CNN: 7,000 People per Day exhaust Extended Unemployment Benefits

From Tami Luhby at CNNMoney: 7,000 unemployed Americans lose their lifeline every day…..

Another day, another 7,000 people run out of unemployment benefits.

One month after the House passed a bill extending unemployment benefits, the issue is still being debated in the Senate.

…1.3 million people [are] set to lose their benefits before year’s end if Congress doesn’t act, according to the National Employment Law Project, an advocacy group. In October alone, more than 200,000 people will fall off the rolls.

This will probably hit 10,000 people per day soon.

Technorati Tags: Foreclosures, Unemployment Benefits