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Is the Recovery Spinning Down?

April 5th, 2012 Comments off

The etruth in Elkhart County, Indiana says business leaders are cautiously optimistic about the future given business expansion and new jobs, but concerns remain about the increase in fuel costs that ultimately will be passed on to consumers that could drag the economy back down. Despite the 12.1 percent unemployment rate in this northern Indiana area that is home to numerous manufactured housing and recreational vehicle plants, as well as component suppliers, one employer says some jobs go begging because recent applicants work histories indicate they work until they qualify for unemployment and then quit. Another concern, according to Kevin Deardoff of Lake City Bank who has over 30 years in the banking industry, is people who used to pay their mortgage first now pay their credit card first, causing mortgage delinquencies to rise. MHProNews.com has learned homeowners who lost jobs became dependent on credit cards during the economic downturn, and realized it takes lenders longer to file foreclosure than to cut off a line of credit.

(Photo credit: Idaho Statesman/Chris Butler)