Unemployment Keeps Recovery at Bay

The Charleston, South Carolina area is a great place to live or have a vacation home. The weather is great, the beaches are fantastic, golf courses are abundant, there are many historical sites, the architecture is unbelievable, the dining is unbeatable, and the people are the friendliest in the country. It is because of these reasons that I believe Charleston SC Real Estate is truly unique. I look forward to helping you with any of your real estate needs in Charleston, Berkeley, or Dorchester counties. Today’s article is titled:


Unemployment Keeps Recovery at Bay


The jobs report released Friday by the U.S. Department of Labor shows that the nation’s labor market continues to be weak. While employers added 162,000 jobs in March, the largest gain since 2007, about 48,000 of them were temporary positions working for the Census. The unemployment rate held steady at 9.7 percent.

This situation has a serious impact on the housing market because people without jobs don’t buy houses, and some of the unemployed will be unable to pay their mortgages.

The Mortgage Bankers Association’s quarterly survey suggests that early-stage mortgage delinquencies may have already peaked — a good sign. Nevertheless, the pool of seriously delinquent loans continues to grow.

Freddie Mac Chief Economist Frank Nothaft is optimistic, but he warns, “Because of foreclosure moratoria, judicial backlogs, and [modification] trial periods, many loans are languishing either in late-stage delinquency or in the foreclosure process and could add to [bank-owned] inventories in the coming year.”

As always, your thoughts, questions, or comments are greatly appreciated. Let me know if I can help with any of your Charleston SC real estate needs or questions.

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Sincerely,

"Carolina Joe" Idleman
http://www.carolinajoe.com

Source: The Wall Street Journal, Nick Timiraos (04/02/2010)