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Five year lows for foreclosures and unemployment claims

Keisha Smith | Tuesday 16 October 2012 ( 0 Comment)
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Both the number of unemployment claims and the number of foreclosure filings fell last week, according to individual reports, both released on Oct. 11. Both figures were at their smallest amounts in almost five years. They are two more indicators of an increasing economic recovery. Source for this article: Examine https://personalmoneynetwork.com/

Large decrease in unemployment claims

In an indication that the job industry might be on the rise, the U.S. Labor Department said Thurs that the amount of United States job-seekers applying for joblessness compensation fell by 30,000, to a seasonally adjusted 339,000, last week. That is the lowest level since February 2008. The less volatile four-week average measure dipped 11,500, to 364,000. That was its lowest point in six months.

Generally, when joblessness claims dip below 375,000, it is known as sufficient to warrant lowering the unemployment rate. A Labor Department spokesman, however, cautioned against reading too much into the report. Weekly numbers could be volatile, he said, specifically near the start of a quarter.

Unemployment claims were anticipated to be closer to the 370,000 mark, according to an economist at Reuters, and the figure was better than forecasted.

Could be a little happy

The Bureau of Labor Statistics showed a decrease in the joblessness rate from 8.1 percent to 7.8 percent last week while 114,000 jobs were added to the economy in the month. The upbeat report is not the only sign that the labor industry may be getting better.

Foreclosures less common

There were fewer foreclosures reported by RealtyTrac also, which might mean the housing industry is getting better.

The number of foreclosures decreased 7 percent to 190,427, which is the lowest level in five years. That is really good news.

When the robo-signing scandal broke in 2010, lenders pulled back on foreclosure proceedings while under federal scrutiny. Now that a settlement has been reached, they are tasked with clearing out backlogs and pursuing delinquent borrowers. As a result, most analysts expected another wave of foreclosures. However, that has not been the case.

RealtyTrac’s Daren Blomquist explained:

               "That's not the way it's playing out. It has been a much more managed flow."

Bank and government together

The Home Affordable Modification Program has made it easier for people to get mortgages that are too expensive and help borrowers stay out of foreclosure. Banks have been working with borrowers to do more short sales in order to keep away from foreclosure proceedings also.

Careers all that matter

More borrowers have been able to keep away from their mortgage payments and stay away from foreclosure with the improved job industry.

Mike Larson, an analyst with Weiss Research, said:

               "That takes some pressure off. Fewer people are falling behind on their loans."

Do not forget political turmoil

President Obama and challenger Mitt Romney are neck and neck in the polls, with the election less than 4 weeks away. The economy, and particularly the labor market, is likely a key issue in deciding the election.

Sources

AOL Jobs

AOL Real Estate

CNBC

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