For every full percentage point increase in the nation's unemployment number, another 500,000 worth of home mortgages (first and second liens) will go into default. Who says so? I do. But it's just an estimate. In case you missed it, the March employment figures were released Friday morning and it wasn't pretty. The nation's unemployment rate jumped to 8.5%, the highest since late 1983. Some 663,000 jobs were thrown into the scrap heap. Keep this one thought in mind: every employee is a potential mortgage customer. Some 68% of Americans own their own homes...
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