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Thanksgiving, foreclosures, mortgages & jobs

Another year is drawing to an end but for many of our citizens times have been tough in terms of foreclosures, mortgages, jobs and economic news in general. If you’re lucky enough to celebrate Thanksgiving with a full plate, a current mortgage and a few dollars in the bank then indeed you have much for which to give thanks.

Jobs

According to the Bureau of Labor Statistics we have 153.9 million people in the civilian labor force. Of this number, 14.8 million — 9.6 percent — were officially unemployed in October.

But wait, as they say on TV, there’s more.


There are also 2.6 million people who were not in the labor force, wanted work, were available for work but didn’t have a job. They were “marginally attached” to the labor force but somehow not “unemployed” for purposes of the official count.

Within the 2.6 million marginally attached workers were 1.2 million “discouraged workers,” individuals not currently looking for work because they believe no jobs are available for them. The other 1.4 million had given up and not officially searched for work in the four weeks preceding the survey for “reasons such as school attendance or family responsibilities.”

So, 14.8 million plus 2.6 million equals 17. 4 million people. That gives as a real unemployment rate — as humans understand the term — of 11.3 percent.

Foreclosures

A lot of people without jobs translates into big problems on the home front. RealtyTrac says there were 332,172 default notices, scheduled auctions and bank repossessions in October, about the same as in 2009.

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