Hatfield, I don’t know if I cherry picked or left anything out. Afterall, I included the link right at the top and encouraged people to “go take a look at http://theautomaticearth.blogspot.com/20…” before including my snipet of the list. Good job finding those elusive zingers on the list.
Flu said: “As far as 90% off of RE on the entire U.S…….If that really were to happen, RE would be the last thing on 99% of the people’s mind. In fact, a better option might be just to live in a different country.”
Flu, good point. I think regardless of the actuall percentage of the drop we will know a bottom is close when “RE would be the last thing on 99% of the people’s mind” as an investment.
Let’s have a look at recent “List” news:
From Mish
States most dependent on Personal Income Taxes
68.5% of Oregon’s Tax Revenue from PIT. Collections off 27.0%
57.2% of Massachusetts’ Tax Revenue from PIT. Collections off 28.5%
55.9% of New York’s Tax Revenue from PIT. Collections off 31.8%
47.5% of California’s’ Tax Revenue from PIT. Collections off 33.8%
52.4% of Connecticut’s Tax Revenue from PIT. Collections off 25.9%
52.7% of Colorado’s Tax Revenue from PIT. Collections off 25.4%
Arizona’s collections were down a whopping 54.9% depending 25.3% on Personal Income Taxes. South Carolina, Michigan, Vermont, Rhode Island, New Jersey, Idaho, and Ohio are also in deep trouble.
20 states depending on personal incomes taxes for > 25% of total taxes were down 20% or more on collections.
Fewer people are receiving jobless aid largely because more of them have exhausted their standard unemployment benefits, which typically last 26 weeks. Government figures, in fact, show the proportion of recipients who used up their jobless benefits in May topped 49 percent, a monthly record.
Given that the proportion of recipients who used up their jobless benefits topped a monstrous 49 percent, the continuing claims number going forward will be essentially meaningless. Indeed, the primary reason we set these records in the first place is that many states extended benefits.
Looking ahead, expect the administration to highlight the huge drop in continuing claims as if it means something necessarily good. It doesn’t. The drop in continuing claims means more home foreclosures and credit card defaults are coming because 49% of those who were receiving benefits now have no money coming in at all. http://globaleconomicanalysis.blogspot.com/
———-
And globally:
World hunger reaches the 1 billion people mark
By ALESSANDRA RIZZO – 1 hour ago
ROME (AP) — More than a billion people — a sixth of the world’s population — are now hungry, a historic high due largely to the global economic crisis and stubbornly high food prices, a U.N. agency said Friday.
The 100 million added this year alone, talk about catastrophic:(
I bet if you work in state level tax collection this looks a lot like a depression. If you just got your last unemployment check (still no job), or if you are now going hungry the “list” is probably not so radical?
