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Michigan Gets Good News Amid Bank Foreclosures and List of HUD Homes

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By : John Cutts    99 or more times read
Although Michigan is still suffering from considerable supplies of bank foreclosures and properties under list of HUD homes, most residents believe that the state is on its way towards a more stable economy, particularly as the unemployment rate in the area recorded further declines for the month of October 2010.

Although the number of properties falling under Grand Rapids foreclosure listings and under distressed property listings in various housing markets of the state continues to rise, Michigan can look forward to a better economic environment as unemployment rate declined to 12.8% in October. This marks the first time that the jobless rate has gone below 13% in the state since March of 2009.

The decline has far reaching implications, not least of which is the increase in the number of potential buyers of properties under Michigan foreclosed home listings. The October rate also represents a decline when compared with the same month of last year when unemployment was at 14.4%.

Michigan is also doing much better than the whole country in terms of unemployment, with the state even recording a decline of 11.6% during the year compared with the 4.9% drop recorded nationwide. Although bank foreclosures and list of HUD homes remain a problem in Michigan, the continuous decline in its unemployment rate can only mean good news to its residents.

With Michigan's unemployment rate declining at a faster rate than the national average, local realtors are hopeful that more people will be searching foreclosure listings and more buyers will consider taking advantage of cheap property prices to get back on the homeownership track. In addition, businesses have started coming into the state to start new projects as evident in the number of tax break requests received by the local government.

The region has added around 9,000 jobs in the manufacturing industry and around 7,000 in business services so far in the current year. The education and health sectors have also added around 6,000 jobs each. With more jobs coming, housing industry analysts are predicting that the state's population will expand and more people will be seeking rental properties or will consider purchasing houses, including foreclosed properties and those under the list of HUD homes.

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