The Morning Of All Bad News

Hi, it is all bad news this morning! Like, really bad.

• In the third quarter of this year, home foreclosures were up 71 percent over last year. “Nearly 766,000 homes received at least one foreclosure-related notice from July through September.” (That’s more than 1 percent of U.S. mortgages!) And 250,000 homes were actually repossessed.
• That will send the markets hinky today.
• The New York Times also released their third quarter numbers too! “Preliminary third-quarter operating profit decreased to $10.0 million from $28.1 million in the third quarter of 2007.”
• Goldman Sachs to lay off 10 percent of workforce. And the unemployment peak is (duh) expected to go to at least 8 percent. Seven percent is wishful thinking.
• Nearly half a million people filed new unemployment claims in the last four weeks.

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