Chicago homeowners have seen record-high foreclosure rates throughout this housing crisis, and we can thank the unemployment rate, which has been higher than the national average for months.
According to figures released by the Illinois Department of Employment Security, the unemployment rate in Chicago fell 1.5 points in October to 8.9 percent.
Finally, we are below the national rate, which is currently 9.0 percent.
In fact, October unemployment rates fell in every metropolitan area of the state for the second consecutive month.
“We have not been able to say that since 2007,” said IDES Director Maureen O’Donnell. “Even though we must continue to improve, the trends show that Illinois is on the right path to correct a state economy buffeted by the national recession.”
The metro areas that posted the largest declines for October:
*Peoria: -2.4 points to 9.3 percent
*Chicago, Joliet and Naperville area: -1.5 points to 8.9 percent
*Rockford: -1.5 points to 14.4 percent
*Decatur: -1.4 points to 10.9 percent
Our overall state rate for October was 9.2 percent. The IDES says Illinois has added more than 53,700 jobs so far this year.
Here’s a great gift idea for all you employed Chicagoans: A new house!