U.S. Job Loss at Four Year High

unemployment foreclosure job loss

After employers have shed 51,000 job, the unemployment rate has climbed to a four-year high of 5.7 percent. According to data released by the U.S. labor department, lack of credit affected employers the greatest by decreasing their willingness to hire and plans to expand. That brings the total of lost jobs to 463,000 for 2008.

Summer has usually been a time when teenagers were able to enter the job market for summer employment. Not so this year. The unemployment rate for teenagers has climbed to 20.3 percent. This is the highest since 1992.

Company Cuts

General Motors filed a report on Friday showing the third-worst quarterly loss in its history. General Motors posted losses of of $15.5 billion on Friday. General Motors will reduce production by another 300,000 vehicles and lose thousands of hourly and salaried workers.

Other cuts include:

More than 700 Bennigan's restaurants, owned by privately hel Metromedia Restaurant Group are closing.
Some cuts at Chrysler
Some cuts at Wachovia
Some cuts at Pfizer

What does this mean for the Housing Industry?

There is no doubt that we will see a relationship start to exist between these new job losses and foreclosures. This will mean that homeowners affected by job losses and other hardships will need to seek out information and assistance earlier. Forums and information to help include:

Neighborhood Works - Free foreclosure counseling at HUD approved agencies

HUD Foreclosure Information - A free resource to give tips to homeowners facing foreclosure.

Hotline for N.C. Homeowners Facing Foreclosure - Help for North Carolinians who are at risk of losing their homes to foreclosure is now just a telephone call away

If you need additional assistance and numbers for avoiding foreclosure, give us a call at (704) 559-5988 x 5.

http://www.charlotterealestateforeclosures.com/004081