The foreclosure rate on subprime mortgages is on the rise, and the trend is expected to continue at increasing rates for loans originated in 2006 – particularly in several California cities.
Economic Analysis – Regional or Local
â€œWeak market citiesâ€ can blend a variety of specific strategies to help improve their economic position. An insightful interview with author Bruce Katz accompanies this article.
Detroit Mayor Kwame Kilpatrick is asking municipal employees to take a pay cut and contribute more to their health care as part of his plan to reduce the city’s budget deficit. Things continue to get tougher in a city already facing serious financial challenges.
Looking for updated state and regional state economic data and commentary? The Federal Deposit Insurance Corporation (FDIC) publishes quarterly profiles that include statistics, analysis and trends in state demographics, housing, labor force and banking data and more.
Survey expects growth in the real estate market to slow in 2006 compared to the robust growth rates in 2005. San Diego, Washington D.C. and L.A. are noted as top “markets to watch” for the new year.
The Bureau of Labor Statistics (BLS) recently released the October 2005 Consumer Price Index figures, as well as a report on unemployment rates for Hurricane Katrina evacuees and its annual occupation and wage report.