by Jeff Davis

The liberal media keeps claiming every day that the economy is recovering. Meanwhile, the official unemployment percentage is about 10 percent while the real percentage of unemployed is more like a Depression level 15 to 20 percent. Some pundits have suggested that we are having a “jobless recovery” which basically means we’ll be stuck in this condition for the foreseeable future. The last time this happened it was called “The Great Depression.” Add to this the fact that foreclosures are skyrocketing.

Bloomberg.com reports “Foreclosure filings in the U.S. exceeded 300,000 for the sixth straight month. as job losses that boosted the unemployment rate to a 26-year high left many homeowners unable to keep up with their mortgage payments. A total of 358,471 properties received a default or auction notice or were seized last month, according to data provider RealtyTrac Inc. That’s up 18 percent from a year earlier, and down 0.5 percent from July, the Irvine, California-based company said in a statement. One in 357 households received a filing.”

Another article notes “Foreclosure activity is the highest since the Great Depression… It’s 1930 all over again…. the reported 55 percent increase in foreclosure activity over last July should put a damper on the excitement. July marks the third month of accelerating increases in foreclosure activity reported by RealtyTrac and an unbroken streak going back to January 2006 of year-over-year increases in monthly foreclosures. …nearly 0.6 percent of all housing units in the United States are now bank-owned… this is the same ratio of foreclosed properties to housing units in 1930. Foreclosures increased steadily from 1930 until peaking in 1933 (the first three years of the Great Depression)”.

Bloomberg goes on: “Foreclosures rose from a year earlier as companies cut payrolls by 216,000 workers last month, boosting the U.S. jobless rate to 9.7 percent, according to Labor Department data released last week. The rise in unemployment is having a bigger impact than an effort by the U.S. government and banks to modify mortgages and prevent foreclosures, said Morris A. Davis, an assistant real-estate professor at the Wisconsin School of Business. ‘The foreclosure numbers are largely unemployment related,’ Davis, a former Federal Reserve Board economist, said in an interview. ‘As long as 15 million Americans are unemployed, record foreclosures will continue.’ …Nevada had the highest foreclosure rate in August, with one in every 62 households receiving a filing, even with an 8.4 percent decrease in foreclosures from July, RealtyTrac said. August filings were up 53 percent from a year earlier, with 17,902 Nevada properties receiving a foreclosure filing.”

Most likely those are all the yuppies and Californians flooding into Vegas and Reno and Tahoe, buying houses at the height of the boom, then everything goes snake-eyes and all of a sudden those new high-tech cubicle jobs are gone and the gambling industry also takes a hit.

Getting past Nevada, things start making more sense. The article notes “The second-highest foreclosure rate in August was recorded in Florida, with one in every 140 households receiving a filing, followed by California, where one in 144 households received a foreclosure filing.”

Aha! Now we’re getting somewhere. California is jam-packed with Latinos who are still getting those Affirmative Action subprime loans that started the economic crash in the first place. The state population is over half non-White. Florida has its fair share of non-Whites and it also has a huge amount of speculative retirement home construction. Many of these retirees can no longer buy that condo in Florida after their 401k took a beating.

Combine all this with the recent increase in bank failures, which has sharply increased since June, but no one is talking about this for fear of causing a panic and undermining confidence in the “great” Obama. The truth is there is nothing remotely resembling a “recovery” going on despite the spin from the Obama regime. Instead, it looks like the Obama Depression is going to be with us for a long, long time.