1 Out Of 2.5 Households Were Unemployed, Had Negative Home Equity Or Were Behind In House Payments Between November 2008 And April 2010

the effects of the recession are widespread: between November 2008 and April 2010 about 39 percent of households had either been unemployed, had negative equity in their house or had been in arrears in their house payments. Reductions in spending were common especially following unemployment.

From "Effects of the Financial Crisis and Great Recession on American Households" by Michael D. Hurd, The RAND Corporation; SUNY at Stony Brook University, College of Arts and Science, Department of Economics; National Bureau of Economic Research (NBER) and Susann Rohwedder, The RAND Corporation.

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