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Tag Archives: crisis

Lukewarm recovery will continue; no significant decreases in unemployment for 2011 or 2012.

[categories: Washington Bankruptcy Attorney]

The Seattle Times, Kristi Keim, page A13, January 14, 2011:

The U.S. is expected to chip away at unemployment only very slowly reports Michael Dueker, Russell Investments’ head economist for North America.

Usually, a recession is followed by a fast snap back to growth, as happened in the early 1980s. The economy grew 7.0% annually for the next year and one-half. This is not happening, says Mr. Dueker, and it will take all of 2011 to get the unemployment rate reduced by a mere 1/2 percentage point.

In contrast to slow U.S. growth, the world economy is expected to grow at 4.0% to 5.0% this year.

Ken Goldstein, an economist with The Conference Board, notes that the U.S. will grow only 2.5% this year and 2.6% in 2012. Confidence in the economy is a major problem, according to Ken Goldstein.

Foreclosures are likely to peak in 2011, but can be stopped by a bankruptcy filing

Foreclosure woes for Washington homeowners are far from over, and bankruptcy filings may be the next step.

According to an article by Janna Herron of the Associated Press that was published in the Seattle Times, January 14, 2011, on page A13, the last three years of foreclosures in Western Washington:

Year 2008  2009  2010

King 2,052 4,190 6,063

Snohomish 911 1,968 3,240

Pierce 2,258 3,782 3,773

Kitsap 430 671 652

Total 8,802 16,017 20,749

One in every 45 U.S. households received a foreclosure filing last year, a record 2.9 million of them, and these lead to bankruptcy filings everywhere in order to stop foreclosure in Tacoma and also other jurisdictions. That’s up 1.67% from 2009. About 5 million borrowers are at least two months behind on their mortgages.

The firm Realty-Trac predicts 1.2 million homes will be repossessed this year 2011.

In Washinton, the housing crisis started later than the rest of the country and also appears to be peaking later; total foreclosure filings were up 24 percent from 2009. Foreclosure filings in King County rose 29%; there were also increases of 32% in Snohomish and 8% in Pierce County.

Nevada posted the highest foreclosure rate in 2010 for the fourth straight year. Washington state ranked 18th, with Snohomish County seeing the top foreclosure rate. Pierce County, Clark, Grays Harbor, and Cowlitz counties rounded out the top five.

The Law Offices of James H. MaGee can answer your questions about bankruptcy and foreclosure anywhere in the State of Washington. Contact us at our offices in Tacoma, Renton, Puyallup, Olympia, Chehalis, and Bremerton to learn more about your options. We strive to answer your questions in a courteous, confidential, and caring manner.