A report by the Federal Reserve Bank of St. Louis pinpointed 2019 as the year when Memphis employment may reach its high peak set in 2007 before the Great Recession hit.
The report states, “The slow recovery in housing prices, combined with the large fraction of homes in negative equity, has suppressed local consumer demand and will likely continue to hamper Memphis’ economic performance.”
Back in June, 10.3 out of 10,000 homes were foreclosed – two times more than the national rate. Also, a high 31% of Memphis homeowners owe more money on their house than its market value, compared to the 24% of nationwide homeowners.
Throughout the city, 607,100 full-and part-time jobs were filled, but that falls below the pre-recession figure of 649,000.
Research shows trends of Memphis moving out of recession while other cities have already advanced past, however Memphis is not alone in this battle. There are still other cities moving slowly towards their pre-recession peak, including Louisville and New Orleans.
The bright side is, there is growth in employment, however it is not moving as quickly as desired. The speed of decreasing foreclosures could see the same reluctancy.
We don’t want people losing their homes if they don’t have to, however.
If you are behind on your mortgage payments and the bank is about to foreclose, a Chapter 13 bankruptcy can stop the foreclosure and allow you to pay back the debt in small affordable payments overtime, instead of all at once.
Has unemployment or any other disruption placed you in a difficult spot financially, even to the point where you may lose your house? If so, then you need an experienced bankruptcy lawyer to answer the question of whether a bankruptcy is right for you, and if it is, then to guide you through it.
Contact us online or call us today at (901) 327-2100.