800%
It's not often in life that you see "up 800%" type numbers.
Sometimes, you just have to put the paper down and look at that one in awe.
Up 800%.
Not 100%. Not 200%. Not 400%. Nope, up 800%.
Wow.
Foreclosure Surge in California
A surge of foreclosures in California has some economists concerned that the fallout will be long lasting and potentially wound the whole economy.
The 11,033 foreclosures in the first three months of the year represent an 800 percent increase over the same period a year earlier.
"For this rise in foreclosures to be happening in the midst of a strong labor market is truly unique and scary," says analyst Christopher Thornberg of Beacon Economics.
He predicts foreclosures will top out at four or five times the current level — enough, he says, to induce a recession or at least bring the economy to the precipice.
