Real Estate Pro Articles

Employment situation is improving in Michigan but foreclosures are increasing

[Valid RSS feed]  Category Rss Feed -
By : Adam Sanderson    99 or more times read
Although the employment situation is improving in Michigan the foreclosure listings numbers continued to increase in May 2010. There is however a time gap between changes in jobs and its effects. It is anticipated that this improvement in the job scenario will definitely have a positive impact on the foreclosure picture in the coming months.

Last April there were 6,250 bank repossessions. In May the numbers jumped by 28% to register 8,009. A good number of these REOs perhaps have been entered by the banks in the foreclosing listings as condos and residential houses for sale.

During the first five months of this year the lenders purchased in Michigan a total number of 32,865 residential units. Those who are planning to purchase foreclosed houses can focus on Michigan as there is a massive number up for sale. There are many commercial units in trouble as also multifamily estates and apartments in foreclosure Ė ideal for investors and buyers.

Despite this jump in foreclosures in Michigan State, the people and the officials of the state government are hoping that soon they will see an improvement in the situation as the unemployment rate has significantly improved. The number of those without jobs dropped from 14.9% last March to 13.7% last April and then to 13.6% in last May. It is an indication that Michigan has started reaping benefits from the investments it has been receiving. The return of capital to the state is having an impact. The noted automakers like General Motors and others are repeatedly giving out the assurances that jobs will be generated. This too is a contributing factor.

Since April 2006 Michigan had the highest number of unemployed in the country. From last May, Michigan has started climbing down the ladder in ranking. Nevada has now claimed the top post with 29,000 jobs having been lost. Nevada has registered an unemployment rate of 14%.

The month-over-month increase rate of foreclosures in Michigan has also gone down. It was 8.32% in April. In May it noted 5.99%.

Michiganís foreclosure crisis had started before it struck the nation mainly because of the collapse in the automobile industry that was at the core of the success of the state. Outsourcing of jobs to keep up with stiff global competition has been largely the cause. The federal government stepped in to prop up the industries but how far it can be sustained only time alone can tell.
Meet our video channel on youtube:
Adam Sanderson is a member of the team offers a huge database of properties for sale. Search for foreclosures, pre-foreclosures and auctions in any area of the country.

Related Articles

Print This Article
Add To Favorites




© All rights reserved to Real Estate Pro Articles