According to Forbes Magazine, the Detroit Metro area maintains it’s hold as the worst housing market in the United States. Don’t know about other home owners around here… but consecutive years leading this list is kind of expensive. (More than 15% decrease in 2 years!)
When you turn your gaze to the Midwest, the issue becomes where the
money is not coming from. Based on MBA calculations, Ohio, Indiana and
Michigan account for 8.7% of the nation’s loans but account for 20% of
all loans in foreclosure nationwide. The reason this is happening is
because people are losing their jobs and leaving the area.And this trend should continue into next year.
"We
expect another two to four quarter of modest rises in delinquencies,"
says Duncan. "And foreclosures lag one to two quarters behind that."
What is truly disturbing about this is that the morons in Lansing see fit to continue to raise our property taxes in line with the nations cost of living. (Not dependent on Michigan’s economy) When coupled with the county assessor who valued my home at 10% more than I paid for it despite the 15% dip in home values in the last 2 years, there is a 25% difference between what our home should be taxed at and what we are actually paying.
And people speculate why Michigan’s population is shrinking? Who can afford to live here? We’ve got inflation all around us and politicians telling us it isn’t inflation.
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