Wednesday, April 2, 2008

Signs of a longer and deeper recession popping up

First, auto sales went in the crapper in the first quarter, but haven’t hit the bottom of the crapper yet.

Second, four percent of mortgages could be in foreclosure by the end of the year.

Third, many subprime neighborhoods are having more and more foreclosed houses ransacked for scrap copper, thereby intensifying the downward spiral of their neighborhoods.

Fourth, the housing construction decline hit the two-year mark with no signs of immediate lessening.

Fifth, Federal Reserve Chairman Ben Bernanke is upping his economic warnings.

(Links, except the last one, are to individual posts on my blog.)