This Sunday, Residents of the Detroit Area who opened their paper were greeted with 122 pages of the 2008 Tax Foreclosure List for Wayne County. The current figure for Wayne County reports that a staggering 1 in 4 homeowners are in default on their mortgage. Bubble markets like California, Vegas, Miami, and Phoenix crashed due to exorbitant prices, however, Detroit crashed simply because the economy was plain horrible.
Thanks to governor Granholm, Michigan is one of the only states currently in a recession and the way it looks, headed for an actually depression. Yes, I did use the D-Word. A Depression is exactly what is headed Michigan's way very soon if things continue at this rate.
Source:
In 121 printed pages of the Sunday Free Press, Wayne County Treasurer Raymond Wojtowicz listed more than 18,000 properties across Wayne County facing foreclosure. Notices sent to homeowners since March have whittled the list from 161,000 properties that had been delinquent on tax payments The advertisement will run the next two Sundays. The printed pages cost the county more than $400,000, and are required by law. It's just one more way the county tries to make sure property owners know that they're facing foreclosure.
Friday, December 7, 2007
The Sunday Detroit Free Press had 122 pages worth of Foreclosure notices!
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9 comments:
The people of IN and OH, to name two, have a good case that you're not the only state in a recession.
the whole country's in a recession. They're just not telling anybody. And it will get worse.
Chris: I live in Florida, a few miles north of Sarasota County. You want to see Depression, I invite you to visit the city of North Port. Damned near every house there is for sale or for rent. There are no buyers. You can rent 2500 sq. ft. NEW houses on the water for $859/month. And there are no renters. This is unheard of anywhere in the Sunshine State, and I've been here for 35 years.
More Florida examples. 5 years ago a friend of mine bought a small 800 sq. ft. house on Ft. Myers Beach for a mere $155,000. Two years ago he sold it to some schmuck from Iowa for $675,000. The folx at the Surf Club bar tell me that the fella is back in Iowa minus his beach house as well as another house in Cape Coral. This is happening all around the state. Wild. Prices in my area are down well over 40% and falling. Nobody is buying, nobody is renting. Houses are being boarded up. Countrywide has their own "For Sale/Rent" signs up everywhere. Nobody is buying, nobody is renting.
Ken,
I know that Ohio, especially Cleveland, has it just as bad as Detroit.
Ronzoni,
Why do you think North Port got hit so much harder than the rest of Florida?
I don't think North Port has gotten hit much harder. It's bad all along the West coast of Florida, which saw a stupifying (and stupid) increase in property prices during the bubble.
Thanks to Governor Granholm? Are you outta your mind? Um, no. Thanks to President Bush, Vice President Cheney, the Republican Congress, and the Republican Legislature, Attorney General and Supreme Court here in Michigan. The policies set by the Federal Government (free trade, low wages, failure to enforce immigration laws, etc.) are directly responsible for our in-the-crapper economy, and have been enthusiastically upheld by the aforementioned Michigan asshats, who have, at every turn, done everything they can to kill every positive initiative that Jennifer Granholm has tried to enact in its infancy. Now you want to turn around and try to put it on [i]her [/i]head?? Maybe if the Republicant's were a little more concerned with doing the business of The People, as they were elected to do, instead of lining the pockets of their corporate contributors we'd be in better shape. Maybe if people actually started voting in their own interests instead of getting hung up on "moral values" (and what's so "moral" about returning to the wonderful world of serfdom?), we'd get people in office who actually enacted sane policy. I'm not holding my breath, however.
True its the republicant's fault along with the demonicans and their support of Unions and their greed as well. Granholm has however with the aid of the Michigan legislature raised the income tax on the last of the working people in Michigan and placed an additional service tax on things like tree trimming and beauty shops. Is this what you do to the population of a state that is ailing and in a recession? Yes, it will get much worse next year throughout the country.
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