You know things are bad when you measure the performance of the economy in the rate of houses seized by banks. Nevertheless, in these sour times it is a good indicator of how screwed we really are. There should be a how-screwed-we-are index for this.
Reuters reports that the rate has slightly gone down which is good news and might shed some hope on the future of America.
We should probably also spend a minute thinking about why people buy houses they can’t afford. But let’s not rub salt into the wound at this point.