[magellan]

Michigan, the country's 8th largest state, came in at a distant 18th in the country for foreclosure growth from Dec. 2005 - Dec. 2006. Here is the breakdown for the 20 worst States and level of increase, with states showing up in the "top five worst rates" highlighted. Michigan ranked 6th overall.

RI - 2450% increase
Mass. - 937%
Alabama - 713%
Louisiana - 287%
Colorado - 284%
Minnesota - 205%
North Dakota - 133%
Mississippi - 131%
Georgia - 114%
Delaware - 113%
Wyoming - 106%
Missouri - 96%
Nevada - 96%
South Dakota - 81%
New Hampshire - 71%
Illinois - 65%
California - 64%
Michigan - 52%
New Jersey - 44%
Tennessee - 43%

......


http://money.cnn.com/2007/01/16/real...ion=2007011716

[Siberia]

Actually Michigan ranked a very near second to absolute worst in the United States of America for 2006

"Yearly Increase", as you have stated in your data, is relative to where the state was sitting percentage wise to begin with. A more accuate comparison would be the total foreclosures per households sold as compared in all the states.

Looking at a more realistic, relative number....Michigan ranks 2 highest in foreclose rate in 2006 at 1 of 186 households sold...only slighly behind Nevada.


Check for yourself:

http://www.realtytrac.com/news/press...ssReleaseID=99

[magellan]

Originally Posted by Siberia

Actually Michigan ranked a very near second to absolute worst in the United States of America for 2006

"Yearly Increase", as you have stated in your data, is relative to where the state was sitting percentage wise to begin with. A more accuate comparison would be the total foreclosures per households sold as compared in all the states.

Looking at a more realistic, relative number....Michigan ranks 2 highest in foreclose rate in 2006 at 1 of 186 households sold...only slighly behind Nevada.


Check for yourself:

http://www.realtytrac.com/news/press...ssReleaseID=99

Uhh, just checked your source and Michigan is 5th in that ranking in foreclosure rates per household. I assume you're using the 5th column in that table where you got the 1 per 186 for Michigan, where I see this:

1 (worst) - Georgia, 1 per 127
2 Colorado, 1 per 138
3 Indiana, 1 per 165
4 Nevada, 1 per 172
5 Michigan, 1 per 186
6 Texas, 1 per 200
7 Utah, 1 per 216

That link you posted is nearly a year old. The CNN Money report that I posted is not even a week old, and they cite RealtyTrac as their source.

Michigan 1 per 620 at #6. Colorado highest at 1 per 376. Another article from CNN Money about the national housing market.

Housing market pain not found in statistics.
http://money.cnn.com/2007/01/11/real...tics/index.htm

Just helping people in Michigan understand they're not alone, and not the worst off. This country's housing market is in a world of hurt, and fundamentally flawed.

[Siberia]

Originally Posted by magellan

Just helping people in Michigan understand they're not alone, and not the worst off. This country's housing market is in a world of hurt, and fundamentally flawed.

The housing crunch often helps lure people to Michigan (foreclosures are terrific first buy homes)...and keep Michigan folks from leaving as they owe more on their houses than often times worth and simply can't afford to leave.

What is killing Michigan is the lack of new jobs, and the total self destruction of the auto industry (still think lobbying the gov 20 years ago to keep MPG ratings low was a brite idea GM/Ford... ) The auto industry not only lost jobs, but very high paying ones that people of similiar skills would not likely find anywhere else across America. It has created a huge income crunch...

That on top of the fact that Michigan has the highest rate of fleeing college educated young adults, and one of the fastest growing "average age" ratings for citizens....the medicad/medicare issue is going to force some very unpopular decisions by those in power.

In summary as long as you have a decent job that is somewhat secure in Michigan, you will do just fine...as long as you learn to live below your means. Personally I don't think the housing situation is the biggest problem for Michiganders...fear of lossing income is number one...

[usbound]

As someone thinking of taking a job in Michigan from UK this all reads rather depressingly

[magellan]

Originally Posted by usbound

As someone thinking of taking a job in Michigan from UK this all reads rather depressingly

It's not great, but my intent was to counter the claims that people are constantly repeating that Michigan has the most foreclosures in the U.S..