The U.S economy has been in a recession since December 2007; it is one of the longest since the Great Depression. A major contributing factor is the fall of housing prices, which led to the rise of mortgage foreclosures. These losses have cost banks billions of dollars.
This story is important because it affects so many people. The unemployment rate was at 10.2% in November 2009, the highest it has been in 26 years. However, the number of people receiving foreclosure notices has decreased by 8% in November, and banks repossessed fewer homes than in October.
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