Las Vegas Nevada
This is a top ten list where you do not want to see your state, but here are the 10 states with the highest foreclosure rates across the country. These are homes that are either in some stage of the foreclosure process, or have already completed the foreclosure and been through the auction process.
1. Nevada - 1 out of every 80 households
2. California - 1 out of every 156 households
3. Florida - 1 out of every 168 households
4. Arizona - 1 out of every 200 households
5. Idaho - 1 in every 255 households
6. Illinois - 1 in every 263 households
7. Michigan - 1 in every 275 households
8. Georgia - 1 in every 318 households
9. Maryland - 1 in every 348 households
10. Utah - i in every 385 households
In the meantime, the stock market has been rallying, with a few fits and starts, since March of this year. The economy does seem to be turning more profitable, at least for some businesses, but the jobs number continues to drop.
Good news today was those first time filers for unemployment benefits dropped.
In most recessions, the stock market, and actual profit margins for businesses seem to turn positive long before businesses begin hiring again. We are moving into the holiday shopping season, so all eyes are on how profitable this season will be for retailers.
Other positive notes are that there are extra TARP funds that were never spent, and banks are repaying TARP funds more aggressively as the year winds out. It does appear that there will be some long term losses from this stimulus program, but there is some discussion about using the surplus to help stimulate smaller businesses into hiring.
A jobs summit has been tentatively scheduled for December this year to discuss potential options. The fear, of course, is the continuing numbers of foreclosures if people do not get back to work. The problem for President Obama is that he really seems to have run out of options in how to do more to stimulate the economy. The public appetite for more spending and stimulus is over.
Historically, businesses do start to rehire at about the same pace that they laid off - so the hope is that we could see a very quick dramatic rehiring phase, once businesses do decide that the recession is truly over.
Comments
It's amazing that anyone is even looking at the housing and foreclosure market. Nobody keeps a car that is worthless, and today, real estate is almost worthless. Why pay a mortgage loan on a house that is worth 1/2 or less than what is owed? And, not to be overlooked, a lot of the bad loans are due to the absolute failure of the modification process due to the dishonest banking industry that literally forces homeowners to become delinquent and ruin their hard earned credit rating before they will even look at modification applications. You would think they would want and encourage good credit if they are going to write a new loan. But, we are talking about banks here...and aren't they the ones who started this mess with greed for loans from people who didn't even qualify to own homes. Now, the finger is pointed at loan brokers and loan officers who simply presented to buyers what was put in their arsenal to present. Ultimately, it is the lenders who qualify the borrower.
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