foreclosures

In some regions across USA August indicated signs of a limping recovery. In these places unemployment rates dipped slightly and so too did foreclosures according to Associated Press. It reported its monthly findings of economic stress carried out on over 3,100 USA counties.

On an average the score fell modestly and less number of counties came to be marked as distressed.

But these slivers of sunshine peeping through the clouds do not offer much relief to the majority of the people plagued by recession. The improvement in employment figures were due to seasonal jobs and temporary relief because of federal stimulus funds.

Sean Snaith of University of Central Florida said, “It’s pretty clear that even though the recession likely has ended, not too many people are likely going to be humming that Bobby McFerrin tune, ‘Don’t Worry, Be Happy.’”

The recent findings of Associated Press’ Economic Stress Index is indicating that the suffering is decreasing in some of the worst hit regions like Elkhar, Indiana and some localities in North and South Carolina. But there have been no relief signs in Las Vegas and South Florida.

The calculation is based on a score ranging from 1 to 100 that takes into account – unemployment, foreclosures together with bankruptcy numbers. In general a county is taken to be stressed if the score is more than 11. The average has gone down to 10.3 in August this year from 10.54 last July – it being the first fall in three consecutive months. In August 2008 the average score for the counties was 6.94.

Last August 39% of the counties scored a minimum of 11. In July it was 41% of the counties. It is still substantially higher from what it was one year previously when a mere 6.6% had scores crossing the 11 mark.

Nevada, Michigan and California topped the list among the economically distress states with the rates counting to 21.32, 17.59 and 16.31 respectively. The least stressed states were North Dakota, South Dakota and Nebraska with 4.67, 5.3 and 5.79 respectively.

Among the counties the most stressed were Imperial County (California – 31.83), Yuma County (Arizona – 27.58), Merced County (California – 24.28) and Lyon County (Nevada – 24.02). There is steep seasonal unemployment in agriculture dominated counties of Imperial and Yuma.

States indicating significant improvements in scores with a fall in unemployment numbers were the two Carolinas, Colorado and Virginia.

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