Link to Mish’s report, below with interesting graph….
“Mish lays out the problem as he see’s it:
•The civilian population is steadily rising. However, none of that increase in recent years is looking to buy a home.
•Those not in the labor force are not looking
•Those unemployed are not looking
•Those afraid of losing their job are not looking
•Those in a house and underwater are not looking
•Those just out of school and deep in school debt are not looking
•Those facing retirement may be looking to sell or downsize
•Mortgage standards are much tighter for those who are looking”
“Federal Reserve Chairman Ben Bernanke has said that it will likely take five years for the unemployment rate to return to pre-recession levels, while a recent report from the Federal Reserve Bank of San Francisco concluded that the unemployment rate, now hovering around 9 percent, may never return to pre-recession levels.”
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