Foreclosure activity in the United States set a new quarterly record in the three months ended September 30, increasing 5 percent from the previous quarter and 23 percent from the third quarter of 2008, according to new data released by RealtyTrac Thursday.
While there is some kind of hope with the GDP numbers and the results coming in slightly better than expected, a complete recovery can only be accomplished by job growth - which will in turn spur demand for all types of assets including homes. With the number of jobs that have been lost so far, even if the economy grows it will only be sufficient to mop up the extra workers entering the workforce. So an incremental number of jobs will have to be created to not only ensure there are jobs for the new entrants but also jobs for the ones that have lost their jobs due to the recession.
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