What housing recovery?

The chart below ought to spoil anyone’s appetite who thinks the economy will be getting back to normal anytime soon – whether you run a business, or, in Barack Obama’s case, a country with the most significant economy in the world.

It shows a staggering amount of time that homes around the country have been sitting in default, which chokes bank balance sheets and ultimately keeps the economy hamstrung.

It also shows that the average number of days mortgages have been in default in Shelby County is between 220 and 443.

 

 

(Graphic via nytimes.com)

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