Recently, Michigan Democrat Senator Debbie Stabenow has introduced a legislative bill designed to extend the length of period within which an unemployed can draw unemployment benefits. The proposal, if approved, is expected to have some modicum of impact on bank, government and VA foreclosure listings and on the housing market in general.
In the state of Michigan, a lot of residents have welcomed the news. Most areas of the state are suffering from big numbers of foreclosures, with Warren foreclosure listings being just some of the examples of the thousands of foreclosed properties in the whole area.
Some state residents who have lost their jobs are expecting that Stabenow's proposal will help lessen the number of properties under foreclosure listings in Michigan. According to them, this will provide homeowners with more money for food while they search for another job. It also would somehow improve the chances of troubled homeowners of holding on to their properties as they are given more time to look for another employment.
Most people who have lost their homes to bank, government and VA foreclosure listings have also lost their jobs. Stabenow's proposal to extend the unemployment benefits' period to 119 weeks among states that have suffered most from the recession has been greeted with a welcome sigh of relief by areas such as Michigan which has been hit hard by the foreclosure crisis and the economic downturn.
However, not all are convinced that the Michigan senator's proposal is a good thing. According to critics, extending the unemployment benefit period will have no positive impact on listings of foreclosure houses and will not help the economy in general. They added that the only thing the proposal will do is to encourage the unemployed to rely further on the government and to strive less in looking for another job.
Opponents of the proposal also asserted that extending the period for unemployed benefits also makes jobless people feel that they are justified in refusing an employment opportunity just because it does not perfectly fit in with what they want to do or what they are looking for. Critics also stated that no matter how long the benefit period is extended, bank and VA foreclosure listings will remain major problems all around the country.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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