Lower oil costs could lead to higher foreclosure numbers across the nation as 2016 progresses
Nation: Falling oil prices may lead to rising foreclosure totals as 2016 rolls on.
Texas, Oklahoma, and North Dakota have all had increases in foreclosure numbers from 2015 and into 2016. As those are three oil-producing states, what might be a correlative relationship is likely to prove as the year continues to be causal.
To back up the assumption, those three states were not hit hard by the 2008 housing crisis, meaning the foreclosure increase is not left over from the processing of those properties, based on information from the 2015 year-end report from Realty Trac.
Adding to the situation are layoffs in the energy industry and pay cuts for workers not given a pink slip, as well as extended economic and employment turmoil due to the symbiotic relationship the U.S. has established with the Middle East’s turbulent state of affairs.
The ripple effect from the oil industry’s struggles could cause further layoffs or pay reductions for the businesses what help fuel big oil, furthered by Wall Street players’ scrabbling to accommodate for falling stocks potentially causing a furor in other sectors of investment.
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