The Economy in Eyes of Real America

November 29, 2007

'I don't know what it is, but the bulk of the economy is doing just fine. We obviously have problems in the housing sector and we have problems in the financial sector, but ... real America is doing just fine.'

-Outgoing Bush Economic Adviser Allan Hubbard
[Reuters, 11/27/07]

REAL AMERICA TODAY:

Foreclosure filings have nearly doubled across the country since this time last year. In October alone, more than 224,000 foreclosure filings were reported - an increase of 94 percent over October 2006 - and 54,000 homeowners were forced out of their homes by repossessions. [CNN Money, 11/29/07]
'Sales of previously owned homes dropped to a record low in October... The dire housing market worsened in October as banks tightened lending standards and prices fell at a record pace.' [Washington Post, 11/28/07]
Today, the Census Bureau announced the 'biggest plunge in new home prices in 37 years.' [CNN Money, 11/29/07]
'The number of new people signing up for jobless benefits last week jumped sharply, suggesting that the labor market is softening as national economic activity slows.' [AP, 11/29/07]
This month, consumer confidence dropped to its lowest point since Hurricane Katrina ravaged the Gulf Coast states in 2005. [CNN Money, 11/27/07]
'As spending on health care has climbed to almost $2 trillion a year, or 16% of the U.S. economy, the number of Americans burdened with massive medical bills has soared as well.' [Wall Street Journal, 11/29/07]
The price of oil is skyrocketing - nearing $100 a barrel - and the impact is being felt by American consumers at the gas pump, in the grocery store and in their homes. [Philadelphia Inquirer, 11/28/07]