Garrett Jobless Rate At 6.2% In November

Dec. 29, 2011

The unemployment rate for Garrett County, which several years ago was typically among the highest among Maryland's 23 counties and Baltimore City, is now among the lowest, with the rate for November dropping to 6.2%, which is slightly below the state's percentage (6.4) and two full points below the national average of 8.2%.

The November 2010 jobless rate for Garrett County was 7.5%, and the year-to-date average percentage is 7.3%. Maryland's year-to-date average is 7.0%, and the national unemployment rate year-to-date for 2011 is 9.0%.

Thirteen Maryland counties and Baltimore City had rates higher than Garrett County's for November, including neighboring Allegany County with a rate of 7.5%. Washington County's rate was 8.2%. Harford County also had a rate of 6.2%, while Worcester County led the state with a jobless rate of 13.7%.

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Buying or selling real estate in Garrett County or Deep Creek Lake, Maryland? Call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues!

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Unemployment rate drops in nearly 7 of 10 U.S. metros

30% jobless in El Centro, Calif.; Yuma, Ariz.
By Inman News
Inman News™

Share ThisJobless rates fell in most U.S. metro areas in July compared to the same month a year ago, according to the latest figures released today from the U.S. Bureau of Labor Statistics.

Unemployment fell in 69 percent of the 372 metros tracked by the BLS. A quarter of metros saw their jobless rates rise year-over-year, while rates remained the same in about 6 percent. The national, nonseasonally-adjusted unemployment rate last month was 9.3 percent, unchanged from June, though up from 8.7 percent in May.

Nearly a third (31 percent) of the tracked metros had unemployment rates of at least 10 percent, while 17 percent had rates below 7 percent.

Midwestern states continued to post the lowest unemployment rates in July. Of the 10 metros with rates below 5 percent, nearly all were in that region. Bismarck and Fargo in North Dakota led with rates at 3 percent and 3.7 percent, respectively.

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Buying or selling real estate in Garrett County or Deep Creek Lake, Maryland? Call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues!

877-563-5350 - toll free

Unemployed FHA borrowers to get year of forbearance

Obama administration intends for changes to become industry standard
By Inman News
Inman News™

Share ThisLoan servicers collecting payments on FHA-backed loans will be required to allow qualified borrowers who lose their jobs to miss up to 12 months of mortgage payments before initiating foreclosure proceedings against them, the Obama administration announced today.

The FHA's current three to four months of required unemployment forbearance is "inadequate for the majority of unemployed borrowers," Housing Secretary Shaun Donovan said in announcing the change.

"Today, 60 percent of the unemployed have been out of work for more than three months and 45 percent have been out of work for more than six," Donovan said. "Providing the option for a year of forbearance will give struggling homeowners a substantially greater chance of finding employment before they lose their home."

Although not all borrowers will qualify for the special forbearance program, the administration said it's removing upfront hurdles to qualification. Servicers must provide any borrowers who are denied forbearance with the reason for denial, and allow the borrower at least seven calendar days to submit additional information that may impact the servicer's evaluation.

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If you or someone you know is considering buying or selling real estate in Garrett County or Deep Creek Lake, Maryland, call Jay Ferguson of Railey Realty for all of your real estate needs! I take great pride in referrals, and I assure you, I will take great care of your friends, family & colleagues! As member of the Garrett County Board of Realtors, I can assist you with ANY listed property, regardless of the listing broker.

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