Reality Trac  reported that foreclosures are up 16 percent so far this year. Combine that with the roller coaster unemployment numbers that are up again this week and you have to wonder are we really making our way out of this economic slump?

As most banks refused to cooperate with the president’s first foreclosure plan that left many homeowners high-and-dry, he revamped the program last month. However, according to Huffington Post, “Obama Foreclosure Plan Makes it Harder For Banks To Reduce Principal For Underwater Homeowners”.  Consequently, many homeowner who are underemployed or laid off and can’t keep up with their ballooning  mortgage are forced to walk away from their homes. On some rather extreme cases some home owners have resulted to suicide to escape the tragedy of losing the only home they’ve ever known. 

One less extreme but yet very determined homeowner bulldozed his home to keep the bank from foreclosing on it.

Oh yes, back to the unemployment debacle. According to CNN , the private sector dropped 24,000 workers in February and another 23,000 in March. The article went on to say:

The service sector reported an increase of 28,000 jobs in March, marking the second consecutive monthly increase and the highest job growth since March of 2008.

However, that growth was offset by a loss of 51,000 jobs in the goods-producing sector and a drop of 9,000 manufacturing jobs.

Large businesses, those with 500 or more workers, saw employment decline by 7,000 jobs, while small-size businesses with fewer than 50 workers had a drop of 12,000 workers.

Employment among medium-size businesses, defined as those with between 50 and 499 workers, declined by 4,000.

The Dow is above 11,000 and JP Morgan profits are up 55% this year, mean while retail banks are still taking heavy losses. So there’s a recovery for whom, besides the big wall street banksters?

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