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Michigan Mirrors US Housing Crisis in Some Ways



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By : John Cutts    99 or more times read
The US housing crisis is reflected in Michigan in some ways.

Nationwide, overall foreclosure filings dropped by 3.27 percent from the previous month but rose by about half a percent from May 2009. Bank repossessions, however, increased from both time frames, posting a one-percent increase from April and a 44-percent spike from May 2009. In all of the 50 states, lender repossessions increased over the year.

As the national foreclosure data showed improvements, Michigan also showed improvements although these are not immediately gleaned from the number of bank repossessions and pre foreclosures in Michigan. The improvement in Michigan can be seen in the slowdown in the increases of overall foreclosure filings between April and May. In May, the month-over month rate of increase was 5.99 percent, down from 8.32 percent in April. The year-over-year increase rate was 46.3 percent, down sharply from 77.04 percent in April.

Another positive development in Michigan which is mirroring how the US housing crisis is being played out is the improvement in the unemployment rate. Michigan improved its unemployment rate to 13.6 percent in May, a stunning improvement from its jobless rate of 14.9 percent in March and from its chart-topping unemployment rates since April 2006.

In May, over 20,000 Michigan residential units were hit with foreclosure postings, including more than 8,000 units already in foreclosed homes listings. More than 12,300 units were in pre foreclosure status, and these are among the targets of loan modification nonprofits and government agencies in the state.

Grand Rapids pre foreclosures, for instance, are being rescued from eventual repossession by the Foreclosure Response Organization. This nonprofit is trying to lower down the foreclosure rate in Grand Rapids, which is one foreclosure for every eight homes. In Kent County, the rate is one filing for every 12 homes.

On the whole, the US housing crisis is still affecting millions of homeowners in the country, as there are still plenty of unemployed and as the federal mortgage modification program has not rescued homes in the way American homeowners expected.


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