From the AP & Mortgage News Daily-
Higher unemployment and foreclosure rates, especially in South Atlantic and Mountain states, raised the nation's economic stress in November.
One month after economic stress reached an 18-month low nationally, it rose in three-quarters of the 3,141 counties the AP analyzed and in 39 states. Unemployment and foreclosures edged up in more than two-thirds of the states. Bankruptcies rose in half the states.
With an estimated 2 million home foreclosures coming in 2011, (with the possibility of 5 million) the big picture is more negative than positive at this point in time. Though we are early in 2011, the backlog of inventory is only going to hurt the overall housing market. Unemployment is still a major issue that is not being addressed as well. Those two factors are crucial to any type of economic and real estate recovery.
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