Foreclosures Continue To Rise
Based on data posted by Hardship Index, though there is a decline in the number of jobless, number of properties facing foreclosure is still on the rise. This year there will be elections.
According to traditional wisdom, it is often said that winning of a party or holding their position intact to the power entirely depends on the economic or financial condition of a country. The voters will cast their votes within the next six months. The question that arises at this point of time is that what the actual economic condition of the nation is. People need to be meticulous about what are they thinking of.
12 different counties have been focused on by the Patchwork Nation. According to the latest statistical reports, two major trends can be noticed – decline in the unemployment numbers even if the process is slow, but there is a distinct increase in the foreclosure. People might question that which one is the key trends on which the failure and success depends.
Foreclosure figures, unemployment numbers along with the gas prices all these economic facts are accounted for when the Economic Hardship Index surveys the condition. This year, in May, the index jumped to touch 30.5. Compared to last April’s 21.5, it increased quite significantly. In all types of communities, this increase can be noticed during the period of February to April. There are a few cases where the increase is quite sharp. Even though the trends are uniformly spaced in all the twelve community types there are sharp dissimilarity as to how these trends are affecting.
In some cases, according to the political preferences of the counties, they face the pain or the help. Boom centers, vacant localities, military centers along with the evangelical epicenters these four counties faced the highest increase in foreclosure during the period of February to April. Foreclosure numbers increased in these areas over 35% during this period. All of them experienced over 20% increase in the foreclosure scenario except from the Tractor County, which has agricultural and rural economy. Even this county did not feel the heat of recession.
The main work of Patchwork Nation is to compare and contrast the different kinds of region. The study shows that the foreclosure has spread all across the country resulting in severe housing trouble. The matter is of serious concern where the number of foreclosure crossed the mark of 1,000. It shows that housing market stabilization is still far away.
(This article was posted on a site focused on foreclosure trends. Please click here for the complete article.)
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