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Florida’s unemployment rate continued rising to 11.5 percent in November, up from 11.3 percent in October, the Florida Agency for Workforce Innovation said today. The rate is likely to hit 12 percent in early 2010, according to both University of Central Florida economist Sean Snaith and the Florida Economic Estimating Conference.
Palm Beach County unemployment jumped to 11.7 percent in November from 11.5 percent in October. Martin County’s jobless rate spiked to 12.4 percent from 12 percent a month ago. St. Lucie County’s jobless rate remained at 14.7 percent, third-highest among Florida’s 67 counties.
November typically brings a dip in county jobless rates, which aren’t seasonally adjusted, as employers ramp up hiring for the holiday shopping spree and the tourist season. But not this year, as Florida remains mired in its worst labor market since the deep recession of 1975.
Chart courtesy Florida Agency for Workforce Innovation
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Analysts from two Real Estate tracking groups said today they expect the number of homes receiving a foreclosure notice in 2009 to reach 3.2 million, growing to 4 million next year.
Not surprisingly, Florida is among four states forecast to have the highest rate of foreclosures as adjustable rate mortgages reset.
The information came during a conference call about a survey released this afternoon by Trulia.com and RealtyTrac.
The survey showed a decrease in American adults interested in buying a foreclosed property. Just 43 percent said they were “somewhat likely” to buy a foreclosed home, down from 55 percent six months ago.
How that will affect the nation’s foreclosure crisis is unclear, but continued job loss and adjustable mortgages are expected to increase the problem through 2010.
“California, Nevada, Florida and Arizona, if you track the states with the highest run-up in pricing in the early part of the decade, you can draw a straight line correlation to where you had the most reckless lending practices,” said Rick Sharga, senior vice president of Irvine, Calif.-based RealtyTrac.
RealtyTrac’s report on November foreclosure rates ranked Florida No. 2 in the nation with one in every 165 homes receiving a foreclosure notice.
Today’s news wasn’t good for those hoping to see the market make an abrupt turnaround in 2010.
Pete Flint, CEO of Trulia.com, predicts that home prices will drop, inventory levels will creep back up, and mortgage rates will increase _ all leading to the continuing struggle of the housing market.
“I hate to be a naysayer but we still have a long road ahead of to reach a healthy market,” Flint said.
He blamed some of the foreclosure increase on what he said are ineffective government loan modification programs.
A Treasury Department report released last week showed just 31,000 troubled home loans have been permanently modified under the Obama administration’s Making Homes Affordable Program.
“The loan modification program has been all lip service and little action,” Flint said. “The goal of the project was to stabilize the market but the focus has been on short term fixes instead of long term.”