Regional Unemployment, Foreclosure Similarities

The Department of Labor Statistics released its regional and state employment and unemployment summary for the month of September. The numbers by region provide some similarities with the recent foreclosure report released by RealtyTrac.

Nevada and California ranked as the top states in the country to report highest unemployment numbers: 13.4 and 11.9 percent respectively. In the foreclosure report, these two states also had the highest foreclosure rates: Nevada with one in 44, and California with one in 88.

The national unemployment rate stayed unchanged in September at 9.1 percent – a rate the country has hovered around for most of 2011. According to today’s report, 26 states reported a lower unemployment rate than this national rate. Ten states in addition to the Washington, D.C. reported a higher unemployment rate than 9.1 percent. North Dakota reported the lowest unemployment rate of 3.5 percent.

The National Association of Home Builders and American Institute of Architects have both said all year that the job market must improve before the housing market can recover. These numbers seem to agree with them.