There is no question that Miami has high unemployment and foreclosure rates. Now, those two issues have led Forbes.com to name Miami as the second most miserable city in the United States.
In our last blog post, we looked at an analysis by the Associated Press (AP) that measured economic stress for states and counties across the nation. Its analysis for the month of October revealed that economic stress is down overall. However, elevated bankruptcy, foreclosure and unemployment rates continue to keep many areas, including Florida, economically stressed. Today, we will look at the factors that are impacting stress levels.
While some progress is being made in restoring our economy, Florida continues to face challenges. An Associated Press (AP) analysis of economic stress nationwide for the month of October shows that economic stress is down. However, some areas, including Florida, are still experiencing significant levels of stress, as demonstrated in its elevated bankruptcy and foreclosure rates.
Following the recession, the number of consumer bankruptcy filings in 2010 is at the highest level since the bankruptcy laws were reformed in 2005. However, recent trends show that bankruptcy filings are slowing.
The times are not easy. Even though economists say the recession is over, many Americans are still facing the same financial problems they were experiencing last year. The unemployment rate remains high, while the number of foreclosures and bankruptcies continue to increase. In order to deal with these financial stressors, more Americans are cutting back on small expenses.