For individuals facing potentially difficult financial circumstances, it’s important to get a sense of what’s happening elsewhere, and what the entire economy is looking like as of late. Here, we’ll showcase some of the latest economy statistics you should be familiar with, touching on subjects including jobs, foreclosures and bankruptcies.
All of those areas are related, of course. As unemployment rates rise, foreclosures and bankruptcies rise in tandem, and the opposite is also true. That’s why it’s worthwhile to look at the entire picture together to get a sense for trends and developments.
According to statistics from RealtyTrac, in July 2015 the United States foreclosure rate was 1 in every 1,057 homes. This is highly variable on your local state, though. For instance, Florida has the highest foreclosure rate in the country, with 1 in every 408, more than double the national average.
According to the Bureau of Labor Statistics, the unemployment rate is 5.3% for July 2015. This is one of the best indicators of the strength of the economy overall, and the news is good.
The 5.3% unemployment rate, the 2nd consecutive month at that level, is the lowest unemployment rate stretching back to April 2008. During that stretch of years, the unemployment at one point nearly doubled the current rate, at 10% in October 2009.
One place to look for bankruptcy statistics is via the total number of filings received in U.S. bankruptcy courts, via USCourts.gov. For the 12-month periods ending on June 30th, 2014 and June 30th, 2015, respectively, filings are down 12 percent, with 879,736 comparative to 1,000,083.
Look back farther, and signs of economic relief are even greater and more stark. For instance, in 2010, there were 1,593,097 total bankruptcy filings. That was the highest total of any year during the recent economic crisis and crash, and nearly double the last yearly level.
So what does it all mean? More people are working, less bankruptcies are being filed, and foreclosures are down across the country. That’s good news overall.
Of course, general trends don’t mean that your specific circumstances are magically relieved. If you’re facing a financial crunch, including credit card debts, facing a risk of foreclosure, or thinking about bankruptcy, then it’s important to speak with an experienced attorney in your state who may be able to help.
You are never without options, and certain solutions may provide far superior outcomes than you had anticipated. As always, it’s important to be armed with as much information and assistance as you can get.