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Jobless rate climbs

The economic signs aren’t good for the Bluegrass.  The jobless rate climbed slightly, albeit it still is hovering at the 10% mark.  To get back to levels from a few years ago, we need robust job growth.  Since that isn’t happening right now, we can expect to see continued foreclosures for the foreseeable future.

From Kentucky.gov: “Kentucky’s seasonally adjusted preliminary unemployment rate rose to 10 percent in August 2010 from a revised 9.9 percent in July 2010, according to the Office of Employment and Training (OET), an agency of the Kentucky Education and Workforce Development Cabinet.

The August 2010 jobless rate is .8 percentage points lower than the 10.8 percent rate recorded in August 2009 for the state. The 10 percent rate recorded in August 2010 matches the unemployment rate recorded in June 2010 and is the highest since that month.

“Kentucky’s economy is struggling to mount a sustained recovery as consumers keep a tight rein on spending. Faced with a stagnate labor market, sluggish wage growth, and declining wealth, households are saving more and spending less on discretionary items,” said Dr. Justine Detzel, OET chief labor market analyst.”

Money for state and local governments to buy foreclosures

U.S. Housing and Urban Development Secretary Shaun Donovan today awarded an additional $1 billion in funding to all states along with a number of counties and local communities struggling to reverse the effects of the foreclosure crisis. The grants announced today represent a third round of funding through HUD’s Neighborhood Stabilization Program (NSP) and will provide targeted emergency assistance to state and local governments to acquire, redevelop or demolish foreclosed properties. For a complete listing of the allocations announced today, visit HUD’s website.
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Wall Street reform benefits investors

This is probably the best environment for investors that we have seen.  More and more folks are looking for rental units.  Here’s what Realtytrac.com has to say:

“With the passage of Wall Street reform now a done deal in Washington there are probably few people who did better than real estate investors. Stricter mortgage standards plus less federal emphasis on homeownership means there will be a new and growing demand for rental housing.”

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Ky County by County jobless rates

Here’s the link to see the county by county breakdown of the jobless rate.

Jobless rate county by county down

We’ve already discussed previously that while on the surface it may appear the jobless rates are down, it is only because so many job seekers have ended their search . . .

Here’s more:  “Unemployment rates fell in 111 Kentucky counties between July 2009 and July 2010, according to the Kentucky Office of Employment and Training, an agency of the Kentucky Education and Workforce Development Cabinet.

Boyd County recorded the lowest jobless rate in the Commonwealth at 7.7 percent. They were followed by Fayette and Oldham counties, 7.8 percent each; Calloway County, 7.9 percent; Clinton County, 8 percent; Woodford County, 8.1 percent; Hancock and McCracken counties, 8.4 percent each; and Carlisle, Franklin, Madison and Webster counties, 8.5 percent each.

Magoffin County recorded the state’s highest unemployment rate — 18.1 percent. It was followed by Jackson County, 16.2 percent; Metcalfe County, 15.5 percent; Menifee County, 15.4 percent; Wolfe County, 14.1 percent; Lewis County, 13.9 percent; Marion County, 13.8 percent; Powell County, 13.6 percent; Clay, Grayson, Morgan and Nelson counties, 13.4 percent each.”