Md. economy healthy despite the increase in bankruptcies
Despite an increase of 20 percent bankruptcy last year, in Maryland, the state of the economy has not suffered and is likely to continue to prosper, experts say.
More than 35000 bankruptcies were in the state in 2005, according to the records of the U.S. Bankruptcy Court for the District of Maryland. Federal Far more than 2 million cases of bankruptcy last year were the largest number in the minutes.
In Maryland, more than 11,000 cases were concluded between October 1 and October 16 as consumers hâtait prevent new legislation more stringent bankruptcy, entered into force on October 17
John Hopkins, produces economic forecasts for the State, said the economic impact of the increase in the number of bankruptcies late last year is minimal.
“The small portion - or relatively small portion - of the population is not an economic activity involves the quantity,” said Hopkins, Associate Director of Applied Economics and human services in Towson University. “Economy will not escape. ”
Hopkins, Maryland ranks among the top 20 percent of all States in regard to the economic health of a high level of personal and disposable income of residents. Or, if the property market or the economy is experiencing an unexpected slowdown, Maryland would fare much better than other countries, “said Hopkins.
An important factor to heat the state of the economy is the basis for reorientation and closure of law, or Brac, which was approved by Congress and President Bush late last year. The law will result in the displacement of nearly 15000 and defence counsel in the markets of the state, especially in Harford, Baltimore and Anne Arundel counties.
Peter Morici, economist at the University of Maryland, College Park, said the recent slowdown in the housing market will have little impact on them have recently bankrupt.
“In the end, (creditors) will not be able to get more money in the amount of certain people,” said Morici. “The injured man, as are most banks. They are the ones who wrote these squirrels family mortgages.
Morici aa no-negative interest rate and interest rate mortgages as examples lending, banks are raped, if a slowdown in the economy.
Al Ingraham, president of the Association of real estate brokers in Maryland, said such loans are one of the greatest concern at the threat of real estate economy, but he had not seen so far no problem.
“If it is a hiccup in the system, these people are stretched to the limit,” he declared. “They are throwing their hands and lose the house.”
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