Lisa Simpson
Jan 14,2008
In: Foreclosure Homes

Foreclosure Homes in Michigan

Michigan State is a midwestern state of USA and hugs Lake Michigan. It is framed by four of the five great lakes and has the longest shoreline in the world. Into this paradise how can the question of foreclosure homes in Michigan arise? But today with the sub-prime mortgages becoming an issue foreclosure homes in Michigan are also becoming the centre of conversation. Michigan consists of two peninsulas but the problem of foreclosure homes in Michigan is sprouting up everywhere. The climate is humid and continental with hot summers and cold winters. In analyzing foreclosure homes in Michigan the question of population has to be considered because of late racist charges are being made against lenders. Michigan has a predominantly white population comprising of 81.3% of the population. The region has a booming economy centered on information technology, life sciences as well as advanced manufacturing. It is the automobile capital of the country. It is the 3^rd largest producer of Christmas trees with acres dedicated to its farming. It is difficult to realize that with Detroit airport being the nation’s most modernized expanded airport, foreclosure homes in Michigan cannot be brushed aside.

Yet foreclosure homes in Michigan are being hotly discussed. The precursor to foreclosure homes in Michigan was the dramatic decline in stock markets following the 11^th September 2001 attacks. According to Detroit News the foreclosure homes in Michigan have doubled from 2004 to 2006. The rate of foreclosure homes in Michigan is 2 and ½ times higher than the national average. Foreclosure homes in Michigan number 8,240 – this is 8.6% of the national total that reads 96,019. These foreclosure homes in Michigan are all in active foreclosure. According to calculation the foreclosure homes in Michigan are causing concern with the population being only 3.4% of the national median. Of the foreclosure homes in Michigan, Wayne county is the worst affected. Comparing foreclosure homes in Michigan with figures in Ohio and Florida one gets the impression that these are the worst zones with the maximum number of foreclosures. But reasons differ. The economies of Ohio and Michigan are worse than that of California and Florida. Michigan has the highest unemployment figures – it being 7.7% in October. The national rate is 4.7%. Most of the foreclosures are stemming from low income in Michigan. With manufacturing declining, population stagnating, the housing demand is low for Michigan, which ranks first in the decline in the books of Fannie Mae.