Subprime Housing Market Really Tanking

In May, the number of foreclosure filings was up 19 percent from April. Up 90 percent from May 2006. That translates to one of every 650 homes in the country foreclosed last month alone .

Because the subprime housing market does not operate in a vacuum, the entire housing market, including all the jobs that go with it, will be affected. As Bloomberg reports today:

About 2.5 million people will buy homes for the first time this year, down from 3 million in 2005 , said Gopal Ahluwalia, staff vice president for research at the National Association of Home Builders in Washington, [D.C.,] who based the estimate on analysis from the U.S. Census Bureau and the National Association of Realtors in Chicago.