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It bears repeating - Who's economy is bullish again?
Posted: Tue Feb 28, 2006 12:23 am
by IZZ_NE
Michigan foreclosures double in two years, now 2 1/2 times U.S. rate
2/27/2006, 5:14 a.m. ET
The Associated Press
DETROIT (AP) — The number of homes undergoing foreclosure in Michigan
doubled from February 2004 to February 2006 to a rate that is
2 1/2 times the nation's, according to a group that monitors foreclosures.
Michigan had 8,240 homes in active foreclosure on Monday out of 96,019 nationwide, the Boca Raton, Fla.-based Web site
http://www.foreclosure.com says. In February 2004, the state had 4,085 foreclosures in progress.
Michigan's active foreclosures are 8.6 percent of the U.S. total, while the state's population of 10.1 million is only 3.4 percent of the nation's 296.4 million.
The rise in Michigan foreclosures comes as
the state's unemployment rate remains high and appears to be heading higher.
The state's seasonally adjusted jobless rate ended 2005 at
6.7 percent, compared with the national rate of
4.9 percent. Economists say they expect the state's annual unemployment rate to edge up this year and again in 2007.
Lenders lose up to $50,000 per foreclosed house as they sell them off at below-market prices. That can lower property values in neighborhoods, drive other residents away and hurt property tax collections for local governments.
"Foreclosure depresses an area in a variety of ways," LaSalle Bank chief economist Carl Tannenbaum told The Detroit News.
Wayne County alone had 3,342 houses in the foreclosure process Monday, 41 percent of the state total despite the fact that its about 2 million residents make up about a fifth of the state's population.
On Wednesday, Katherine Ben-Ami, a lawyer for the Wayne County sheriff's office, supervised the auction of 379 foreclosed homes in the county.
"This is the worst I've ever seen," said Gary Meyers, a foreclosure specialist with Venturi Realty of Salt Lake City who was present for Wednesday's sales.
"I've been all over the U.S., and the most I've ever seen in a day is 30."
So, not only do the Bush admin. economic policies and hands off approaches to trade and deficit mismanagement hurt, the litteral encouragement of companies to flee the country, in the name of corporate and shareholder profiteering; also contribute in many ways unseen by most of the people outside the upper midwest, to the further demise of the working middle classes. Especially the Union rich areas of decades ago. And something tells me the leaders of this new brand of Fascism could care diddly squat!
Couple ALL that with the undeniable lessening of houshold savings. Real after tax disposable incomes. Increased consumer prices. Cuts of all types of Health Care. Skyrocketing energy costs..... should I go on?
Cummon, America. Turn this shit around this November!
Hey, boy. But that DOW cleared 11,000 bro!!! Yipee!!!!!!!
Posted: Tue Feb 28, 2006 1:41 am
by Diego in Seattle
Didn't you get the memo? Bush isn't responsible for anything bad.
Sincerely,
T1B repugnantcans
Posted: Tue Feb 28, 2006 2:51 am
by velocet
Your article proves that things suck in Michigan. Wouldn't that be a marcus allen worthy reset? Using that as an indictment of the Mighty Right in all respects is completely weak.
velocet
Posted: Tue Feb 28, 2006 3:35 am
by Diogenes
velocet wrote:Your article proves that things suck in Michigan.
The fact that they keep electing left-wing Dems insures that.
Posted: Wed Mar 01, 2006 1:13 am
by IZZ_NE
The indictment is genuine.
The policies of the Right are the ones that have
ripped a hole in the working class unionized midwest. Capitol Hill and the WH for that matter are OWNED by the corporations. Just study what's happened in the lobbying industry the last 5+ years. They actually are WRITING the laws and Bills on the Hill. This seems fine by Bush, and is to be encouraged. Which is the way the corporate run government needs it.
Which leads to plant closings. Bankruptcies. Renigging on promised pensions. While those same corp.'s flee to green pastures in China, Mexico and Indonesia. THAT is what causes foreclosures to more than double!
Also, look at consumer confidence this last sector. It's dropping, and most belive that jobs won't get any better in the coming 6 months. That's reality for most all of us.
This economy has never been rosy under Bush. It only has the appearance, due to the catastrophic fall right after 9-11. If you actually study what has happened this last 4-1/2 years, the economy has basically righted itself all on it's own, back to a resemblance of what it was when Clinton left it in such ROBUST condition!
That's why I'm so hopeful that this nation resets the Hill this Nov. We need to get back to doing what worked all through the '90's.
Posted: Wed Mar 01, 2006 2:40 am
by Diogenes
The policies of the Right are the ones that have
ripped a hole in the working class unionized midwest.
You mean like the law of supply and demand?
Welcome to the 21st century, bitch.
Posted: Wed Mar 01, 2006 2:41 am
by Mister Bushice
There will be a lot more foreclosures coming up, and when middle america gets hit with the AMT, small to midsize businesses will take a beating as well.
sin,.
one of the ones in the gunsights of the AMT.
Posted: Wed Mar 01, 2006 2:52 am
by Diogenes
Lenders lose up to $50,000 per foreclosed house as they sell them off at below-market prices. That can lower property values in neighborhoods, drive other residents away and hurt property tax collections for local governments.
"Foreclosure depresses an area in a variety of ways," LaSalle Bank chief economist Carl Tannenbaum told The Detroit News.
Translation...
Higher availability of affordable housing.
Don't you feel better now?
Posted: Wed Mar 01, 2006 6:29 pm
by Degenerate
Diogenes wrote:velocet wrote:Your article proves that things suck in Michigan.
The fact that they keep electing left-wing Dems insures that.
The state legislature is Republican.
Nice try, though.
Posted: Wed Mar 01, 2006 7:34 pm
by BSmack
Growth sectors are slowing somewhat. However, due to careful planning, overall net revenues are at an all time high. Expansion is slated for sometime in the next 24 months with a new operations HQ anticipated to accommodate organizational growth.