[Manox]

The grass is certainly not greener in Denver, CO. I 'm in Denver and long for Michigan.

[MittenDweller82]

This thread should be re-named "How did Michigan go down the drain?"

[tina893r]

Michigan does seem to be having its problems. It is harder for everyone. You can't beat the beautiful scenery, and the Lakes though! I love it here!

[actinic]

As a prospective MI homebuyer the gloomier the posts the more I say OH HELLS YEAH, the mother of all buy opportunities await!

[daniboi81]

I can offer my house if you're interested in purchasing in MI. NW side of GR, very nice neighborhood.

[MittenDweller82]

Originally Posted by actinic

As a prospective MI homebuyer the gloomier the posts the more I say OH HELLS YEAH, the mother of all buy opportunities await!

Yes the lure of low home prices has many investors flocking to areas of the country like Detroit, Las Vegas and So. Cal, but I think what people are worried about is.....will anyone come back to buy your investment? I know of so many people who own multiple foreclosed homes, and ultimately their houses are sinking debt. Good idea, but at least wait until the mess with Fannie Mae and Mac is over... Good luck though

[gr8pyrz]

Originally Posted by Sociologist

Yes the lure of low home prices has many investors flocking to areas of the country like Detroit, Las Vegas and So. Cal, but I think what people are worried about is.....will anyone come back to buy your investment? I know of so many people who own multiple foreclosed homes, and ultimately their houses are sinking debt. Good idea, but at least wait until the mess with Fannie Mae and Mac is over... Good luck though

Exactly. Many foreclosed homes are already on their second or third foreclosure. Investors think they are getting a great deal until they realize there is no one to sell or rent to. If people cannot afford their morgages on 100k homes, they certainly cannot afford rent once update expenses are added to the foreclosed purchase price.

[Coldjensens]

It is not unusual for someone to lose their home to foreclosure and then rent it back from the new owner.

Say somone has a morgage of $225,000 on a house that is now worth $180,000. Due to interest increases and/or tax and insurance increases, the monthly payment is now $2400/month. The owner can only afford $1800 per month and defaults on the loan.

That house goes into forclosure and at a forced sale, sells for $145,000. The buyer has a morgage payment of $1600/month including taxes and insurance. The buyer can now rent the house back to the former owner for $1800/month - a price that the former owner can afford and the buyer still gets immediate positive cash flow without having to evict the former owner. Everybody wins, at least until rental value increases.

[2 tracker]

Before Granholm was elected she and Honest John were on the news talking about the so many hundred million dollar SURPLUS we had in the treasury and then the VERY WEEK she was elected told us we were $700 million in the hole. By my calculations that's a $1 BILLION lie. So where did it go, honey?
I hate to say it but we not only let her get away with it, WE RE-ELECTED HER!! We're getting what we deserve.
In American politics we don't elect the best candidate, we elect the best liar and then pass it off as campaign promises, like that makes it alright. We should have legal recourse to quickly remove someone from office without spending months getting signatures and doing all the other red-tape double-talk that government has passed laws to protect itself with. If we can shut down businesses, appoint temporary administrators, and prosecute CEOs for cooking the books, why not politicians?
Not too long ago the DNR was crying the blues about having to cut programs and raise hunting and fishing license costs because they were in the red. When MUCC and others challenged them to prove it they said "OOPS, we made a mistake" and we haven't heard a word about it since then. My point being that it's not just the Governor peeing down our backs and telling us it's raining. They've all forgotten who works for who.

[GooseBoi]

I noticed that also. I live on the Gulf Coast of Mississippi in Ocean Springs. I still have a house up in Clinton Twp. MI. I went home for Christmas and New Years and all my friends seemed really glum and most of them are out of work so they didn't want to go out to the bars and such. I love Michigan its my REAL home but being home for ten days made me wanna come back down here and try to strike it rich just so I could go back to Macomb county and take everyone of my friends out for a drink.