Obviously, these domains are interconnected. As unemployment rates increase, so do foreclosures and bankruptcies, and the converse is also true. To gain a sense of trends and developments, it is therefore beneficial to consider the big picture as a whole.
According to data from RealtyTrac, the foreclosure rate in the United States in July 2015 was 1 in every 1,057 residences. However, this is extremely dependent on your state of residence. Florida, for example, has the highest foreclosure rate in the nation, with 1 in every 408 homes, which is more than double the national average.
The Bureau of Labor Statistics reports that the unemployment rate for July 2015 is 5.3%. This is one of the greatest indicators of the overall economic strength, and the news is positive.
The 5.3% unemployment rate, which is the second consecutive month at this level, is the lowest since April 2008. During this period, the unemployment rate reached 10% in October 2009, nearly double the current rate.
USCourts.gov is one source for bankruptcy statistics based on the total number of filings received by U.S. bankruptcy courts. For the 12-month periods ending on June 30, 2014 and June 30, 2015, respectively, there were 879,736 filings as opposed to 1,008,033.
Looking further back, indicators of economic respite are even more pronounced and prominent. In 2010, there were a total of 1,593,097 bankruptcy filings. That was the greatest annual total during the recent economic crisis and crash, and nearly double the previous annual level.
Then, what does it all signify? There are more individuals working, fewer bankruptcies, and fewer foreclosures across the nation. This is excellent news in general.
Obviously, general trends do not magically improve your particular circumstances. It is crucial to speak with an experienced attorney in your state who may be able to assist you if you are in a financial bind, including owing credit card debts, facing the risk of foreclosure, or considering bankruptcy.
There are always options available to you, and certain solutions may produce far better results than you anticipated. Always, it is essential to have as much information and assistance as possible.""
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