"God Bless the Dream, the Dreamer and the Result." 

Wednesday, December 31, 2008

Just How Bad Was 2008?

If you're under the age of 70, 2008 was probably the worst year you've lived through, reports Bloomberg. Here's why:

In housing, which started the downturn, median resale prices saw a 13% decline, the largest since the 1930s.
Foreclosure rates reached 2.97%, and mortgage delinquency hit 6.99%, both records for the Mortgage Bankers Association, whose statistics go back 29 years.
The securitization of unreliable home loans spread their distress to financial firms, toppling Bear Steans (which survived the '29 crash), Lehman Brothers and Merrill Lynch.
Freezing credit slowed spending, which hammered corporate profits which in turn hammered stocks: the Dow and S&P 500 are down 34% and 39%, respectively, the worst yearly loss since 1931.
US job losses may hit 2.3 million for the year, the most since 1945.
Speaking of the world, China's exports saw their first decline in 7 years; India's took a 12% hit.

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