States with the highest numbers of foreclosures also have high unemployment rates, said Rick Sharga, senior vice president for RealtyTrac, an Irvine, Calif.-based foreclosure tracking company.
Michigan's jobless rate in November was 12.8 percent, the second highest in the country behind Nevada. Michigan had the fifth highest rate of foreclosure filings in October — with one filing for every 235 housing units — while Nevada ranked first with one filing for every 79 housing units, according to RealtyTrac.
Foreclosure rates are being driven higher with the national unemployment rate at 9.8 percent, Sharga said, "so the unemployment rate will probably have to drop back down below 7 or 8 percent before we start to see real relief."
The comments on Michigan's foreclosure problems came today on a conference call and in response to an e-mailed question as RealtyTrac and Trulia.com, a website for homebuyers, sellers and renters, released a poll by Harris Interactive finding that 58 percent of U.S. adults expect a housing recovery to take at least another two years.
From The Detroit News: http://detnews.com/article/20101207/BIZ/12070416/Michigan-to-lead-in-foreclosures-2-more-years--expert-says#ixzz17jIW6esS
Friday, December 10, 2010
Michigan Will Continue to Lead Foreclosures
Posted by Nick