Stumbling block to economic recovery: Rising jobless rate accelerating foreclosure crisis - San Jose Mercury News: "Stumbling block to economic recovery: Rising jobless rate accelerating foreclosure crisis
By Alan Zibel and Tammy Webber
Posted: 07/16/2009 01:00:46 PM PDT
WASHINGTON — Relentlessly rising unemployment is triggering more home foreclosures, threatening the Obama administration's efforts to end the housing crisis and diminishing hopes the economy will rebound with vigor.
In past recessions, the housing industry helped get the economy back on track. Home builders ramped up production, expecting buyers to take advantage of lower prices and jump into the market. But not this time."