The state of Michigan is in the Midwestern region of US and is named after Lake Michigan. It is encircled by four of the five great lakes. Into this paradise has crept in Michigan foreclosures. A resident of Michigan is not more than 85 miles from a lake or 6 miles from a natural water body. Michigan foreclosures are stalking this state comprising of two peninsulas. The two are connected by five mile long Mackinac Bridge – it being the third largest suspension bridge on the globe. Today Michigan foreclosures connect the two halves in an embrace of misfortune. The turn of the twentieth century had seen Michigan skyrocket to fortune and fame with the debut of the automobile industry. It changed private lives with the setting up of Henry Ford’s plant in Highland Park – the first of its kind. It is strange that Michigan foreclosures should be tagged on to the same land that had brought so much financial luck. Detroit, Michigan and Grand Rapids became names across the globe. Michigan has a humid continental type of climate which is now stifling the mood with Michigan foreclosures.
A popular argument for foreclosures is that it is a fall out from sub-prime mortgages. It is alleged that the non-whites were targets of these risky loans. But in Michigan the whites comprise of 81.3%. Yet Michigan foreclosures are a reality in a region where the economy is lead by information technology, life sciences and manufacturing.
As per latest reports coming in towards the end of January Michigan foreclosures have led the state to rank third. As a result of Michigan foreclosures 2% of all the houses are running the risk of slipping into foreclosures. In 2007 there were 136.205 Michigan foreclosures taking its toll on 87,210 houses. It means Michigan foreclosures clouded 1.95% of all the houses. Nevada foreclosures exceeded Michigan foreclosures with 3.4% of houses included in the foreclosure zone. The numbers of Michigan foreclosures are more than 2006. Nationally the foreclosure activity during 2007 was 75% higher than 20006. Michigan foreclosures jumped by 282.2% over 2005. Throughout the previous year Michigan was a top ranker amongst the states as regards foreclosures. It was a part of the recession that has set in this one state recording huge loss in manufacturing jobs aggravated by the sub-prime fiasco. These loans were advanced to people with shaky credit history and could not avail of prime loans. In 2008 mortgages worth $500 billion are expected to reset in the current year.
