subject: Florida Foreclosure Homes Still Increasing Due To The High Unemployment [print this page] The main reason behind the increasing Florida foreclosures homes is job losses. Since 1970, when the state started keeping records of their jobless rates, in March it reached the highest mark with the unemployment rate hitting a whopping 12.3 percent mark.
Moreover, it worsened the unemployment situation of the state in March with another 4,000 jobs that were eliminated with the previous month"s total. In comparison with the unemployment rate of 12.2 percent in the month of February, in March, it increased by 0.01 percent, reaching 12.3 percent, which was well above the 9.7 percent unemployment rate across the nation. It is speculated by economists, that in the latter part of the year, the unemployment rate might further increase.
Compared to the bleak job scenario of the last two years, 26,300 jobs were added to the state in February this year. However, with the loss of 4,000 jobs in the month of March, the effect of the addition of the jobs was lost. This was based on data published by the Florida Agency for Workforce Innovation.
Despite the slow down in the job loss rate for the past few months in Florida, the current rate is still significant. The health care sector alone is feeling the good effects of the addition of jobs. The technological sectors are also getting some jobs in that sector. However, this sector does not have a great presence in the state. Therefore, the job addition in this sector will not help to improve the unemployment rate of the state.
In the final quarter of the last year and in March, the rates of foreclosure activities increased a lot in Florida. Almost 59,000 household units received default, repossession and foreclosure notices in March. Among these, almost 8,643 household units were already declared as foreclosed properties that were owned by banks. It is not a very difficult job to find cheap homes that were up for sale, as almost 22,050 household units were repossessed in Florida during the first three-month period.
Compared to the foreclosure filings in the month of March last year and February this year, the number has increased by 25 percent and 9.3 percent respectively in March this year. In comparison with the foreclosure filing rate in the final quarter of last year and the first three months of last year, the rate increased by 7 percent and almost 29 percent in the first quarter of this year.
