Mobile, Ala.
Population: 412,000
Foreclosure rate: One in 56 homes
Percent increase in 2010: 28%
Metro area population: 411,721
Foreclosure rate: 1.79%
Increase: 28%
As Mobile's economy slowed, job losses rose in a few key industries, especially construction, paper products and, after the oil spill, the shrimp, oyster and fin-fish industries, according to Troy Wayman, vice president of economic development for the county. The metro area's unemployment rate soared past the national average to a high of 12.6% in January 2010, less than three years after the rate had fallen under 3%. Hiring has resumed but at 10.1% in November, the rate was still worse than the national average.
"We're lagging in feeling the effects of the recession," said Wayman. "It didn't really hit until 2010." Good times are returning with ship building industries adding new contracts and a $5.2 billion steel plant in development, he added.
The housing market stayed on a fairly even keel with little overbuilding. Still, when "homebuilding came to a grinding halt," as Wayman said, a plague of job losses among construction workers spread to affect consumer spending and slowed the overall economy..
Mortgage delinquencies followed the employment trends with foreclosure filings increasing 28% in 2010 after jumping 85% the year before, according to RealtyTrac. That put it in 92nd place among the 206 markets covered.
Foreclosure rate: 1.79%
Increase: 28%
As Mobile's economy slowed, job losses rose in a few key industries, especially construction, paper products and, after the oil spill, the shrimp, oyster and fin-fish industries, according to Troy Wayman, vice president of economic development for the county. The metro area's unemployment rate soared past the national average to a high of 12.6% in January 2010, less than three years after the rate had fallen under 3%. Hiring has resumed but at 10.1% in November, the rate was still worse than the national average.
"We're lagging in feeling the effects of the recession," said Wayman. "It didn't really hit until 2010." Good times are returning with ship building industries adding new contracts and a $5.2 billion steel plant in development, he added.
The housing market stayed on a fairly even keel with little overbuilding. Still, when "homebuilding came to a grinding halt," as Wayman said, a plague of job losses among construction workers spread to affect consumer spending and slowed the overall economy..
Mortgage delinquencies followed the employment trends with foreclosure filings increasing 28% in 2010 after jumping 85% the year before, according to RealtyTrac. That put it in 92nd place among the 206 markets covered.
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Last updated February 01 2011: 7:22 PM ET
