Economics Update (a Day Late)

Busy day yesterday, both good and bad, so this is short.

First, we have the personal bankruptcy numbers dropped 10% from December to January, but are up 15% year over year, and the American Bankruptcy Institute expects 2010 BK levels to be higher than 2009.

In real estate, pending sales of existing homes rose slightly in December, but the percentage of homes remaining vacant rose in the 4^thquarter.

Real estate is not going to lead us out of the recession, and absent cram-down legislation, government action is not going to help.