The Morning Of All Bad News

Oct. 27 2008, Published 7:07 a.m. ET

Link to FacebookShare to TwitterShare to Email

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."

Article continues below advertisement

• 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.



© Copyright 2022 Radar Media Group LLC. RADAR and RADARONLINE are registered trademarks. All rights reserved. Registration on or use of this site constitutes acceptance of our Terms of Service, Privacy Policy and Cookies Policy. People may receive compensation for some links to products and services. Offers may be subject to change without notice.