Michigan foreclosure homes for sale continue to increase in number despite state and federal efforts to prevent foreclosures because of the continued rise in unemployment throughout the state.
In September, the unemployment rate continued to climb up, hitting 15.3 percent, far above the national jobless rate of 9.8 percent. Analysts said that the unemployment rate of Michigan could have shot up higher if its workforce did not shrink. The state accounted for almost 20 percent of the nationwide drop in workforce over the past 12 months.
Nevertheless, Michigan still posted the highest rate among all the states and its workforce still made up 3 percent of the national workforce.
A national foreclosure report released this week showed that Michigan was sixth in number of foreclosure postings in the July to September quarter. With more than 37,000 foreclosure postings, Michigan together with 5 other foreclosure-battered states comprised 62 percent of total foreclosures filed nationwide in the third quarter.
With one household out of every 122 households getting hit with a foreclosure posting, Michigan ranked eighth among all states. The state foreclosure rate marked a nearly 19-percent increase from the April to June quarter and a rise of more than 22 percent from the third quarter last year.
The report also said that out of the more than 37,000 properties that got hit with foreclosure actions in the third quarter, nearly 15,000 units were already repossessed by lenders and added to lists of Michigan foreclosure homes for sale.
The other states that comprised 62 percent or 579,541 of total nationwide foreclosure filings, aside from Michigan, were California, Arizona, Florida, Nevada and Illinois.
California had more than 250,000 of its housing units hit with foreclosure actions and Florida had nearly 157,000. Arizona posted more than 50,300, Nevada had nearly 48,000 and Illinois posted more than 37,200.
Over the past three years, Michigan continued to suffer from high rates of foreclosures as manufacturing enterprises shuttered their operations and laid off thousands of workers, especially in the city of Detroit.
Once known for its gleaming auto plants, Detroit now is suffering from vacant commercial and industrial spaces, abandoned and bargain-priced foreclosed homes, high number of unemployed workers and high rates of homelessness and poverty.
There are past and current efforts by state agencies and nonprofits to control the rise in foreclosures, but their substantial effects are still to be seen.
![[Valid RSS feed]](http://www.realestateproarticles.com/images/icon_Rss.png "XML Feed For RSS"){kind=icon}
Category Rss Feed
Print This Article
Add To Favorites