The Austin American Statesman, reported on Sunday, 2/15/2008 how our state's economy compares to other parts of the country.
Housing: New home starts are down 33% in 2008 compared to 2007. Nationally, it is down 41%. 37 other states are in worse positions. For resales, sales are down 16%, compare that to the national rate of 13% drop.
Foreclosures: One in every 971 mortgages in December was in foreclosure; Nevada is 1 in 71, California is 1 in 147 while Arizona 1 in 163. 7% of these mortgages were sub prime in October, nationally 9%.
Unemployment: 6% unemployment was reported in December, supposedly the 36th lowest rate. The worse is Michigan at 10.6%, California is 4th at 9.5%.
The Source of Austin American Statesman information are: US Bureau of Labor Statistics, Standard & Poor's, National Association of Realtors, National Association of Home Builders, Texas comptroller's office, First American CoreLogic, US Commerce Department, the Conference Board.
