Overall Foreclosures Up 12%
Even though home sales are up in Central Kentucky, overall foreclosures continue to climb. According to the Courier-Journal, foreclosures are up 12% for the third quarter of 2009, as compared to the third quarter of 2008. The article goes on to forecast that the unemployment rate is still the biggest contributor to the foreclosure rate and that it is not likely to peak until sometime next year. Even it is does peak next year, that is certainly no guarantee that employment will increase, because we are most likely going to have a jobless recovery. In Kentucky, we are losing coal in the east, tobacco all over the state, and our car industry is down. If we don’t find new industries or at least try to attract some new businesses, we will be in for a very long and slow recovery to say the least.
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