In spite of the huge increase in filings for the cases related to foreclosures by the residents of the metro-east the number of foreclosure figures for the last two months has shot up, however, it is still considerably lower than the numbers that have been reported earlier at the beginning of this year. There were in all 94
foreclosure filings cases in the month of August in this year and 116 foreclosure filings cases in the month of September as reported by the Madison County Circuit Clerk’s Office. Even in S.t Clair County, there were 95 foreclosure filings cases filings in the month of August and 109 foreclosure filings cases filings in the month of September.
In retrospect, we can now see that these figures are way much lower than what was reported in the month of March in S.t Clair County-163 foreclosure filings cases and 153 foreclosure filings cases in Madison County in the month of January. The Foreclosure figures nosedived drastically in the month of April and May before shooting up again in the month of June. In between summer and fall the figure of foreclosure filings cases have majorly hovered around the 90-120 mark
Al Suguitan, who is the executive director of the Greater Gateway Association of Realtors in Glen Carbon keeps track of the housing sector in and around Madison County, and is considered an expert in
real estate dealings, according to him even though economists and other financial experts have started to rejoice as they probably think that Recession is bidding them adieu it is in reality far from turning its ugly back away. He goes on to further say that the economic downturn still is a matter of concern along with a 10% unemployment scare throughout the nation and a high foreclosure rate that wont let the economy revive itself healthily
He goes on to say that, unless and until jobs and opportunities are created in the economy and till people are retained in their respective industries it is not going to be easy for the economy to turn itself around and make a comeback. He believes that the major boost to the financial recovery has to be given by two sectors-namely the production sector and service sector which would have to work in tandem and symbiotically as well for the well being of each of them. Al Suguitan strongly believes that the employment boost is going to turn things around for the economy, which is truly ailing.
