-
Michigan homes sinking?
(1)
Michigan was the only state in the nation to see its home prices decline in value in 2006. The national average was a 5.87 percent increase, compared with Michigan’s -0.44 percent decline. Ouch. Michigan has been losing so many jobs especially on the east side of the state, Detroit and the surrounding areas are seeing a skyrocketing foreclosure rate. Statistics like this are even more reason to stay away from risky loans and work to pay off your home. If you are on an interest only loan you received within the last few years, you are actually losing ground. In the past you could get away with interest only as you could count on your home value increasing. Michigan needs a big turnaround, and soon. I am still bewildered why the people of Michigan re-elected Gov Granholm, instead of a proven business leader in Dick DeVos.
michigan, real estate
One Response to “Michigan homes sinking?”
-
[...] Mike wrote an interesting post today onHere’s a quick excerpt Michigan was the only state in the nation to see its home prices decline in value in 2006. The national average was a 5.87 percent increase, compared with Michigan’s -0.44 percent decline. Ouch. Michigan has been losing so many jobs especially on the east side of the state, Detroit and the surrounding areas are seeing a skyrocketing foreclosure rate. Statistics like this are even more reason to stay away from risky loans and work to pay off your home. If you are on an interest only loan you received within the last few years, you are actually losing ground. In the past you could get away with interest only as you could count on your home value increasing. Michigan needs a big turnaround, and soon. I am still bewildered why the people of Michigan re-elected Gov Granholm, instead of a proven business leader in Dick DeVos. [...]
