Today it was announced that unemployment in Sonoma County hit an all time high of 9.8%. By comparison, the previous high before this recession was 7.9% in January 2003.
We're doing better than the state as a whole, where the unemployment rate climbed to 11.2%. But to put that number in perspective, look at the quote from this Reuters piece:
"This is the worst recession since the Great Depression and it's not over," economist Steve Levy said on Friday shortly after the state released its March unemployment report.
"We have at least six more months of job losses," added Levy, of the Center for the Continuing Study of the California Economy.
Job losses directly correlate with mortgage defaults, which is another sign housing should get more and more affordable in the months ahead.
We also have a lot of 1099 employees who have seen their income decline or disappear,they are not included in these figures.
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