foolmenot.comBelow is another one of those stories that is hidden within the story. I’m sure the media didn’t overlook it on purpose… Yeah, I’m really sure of that!
This is simple folks; in the story it says home foreclosures are going up. That means folks can’t pay their house payments. In the story it says state's unemployment rate remains high and appears to be heading higher… Do you all suppose that one has to do with the other? Do you suppose that since the economy stinks that people are losing their jobs and can’t afford to pay their house payments? Would anyone suppose that might make a legitimate story?
Do you suppose the media might not want to say something like that for fear of making a Governor (who delivers a speech well) look bad?
Full article follows…
Published February 28, 2006
Lansing State Journal
Associated Press
The number of homes undergoing foreclosure in Michigan doubled from February 2004 to February 2006 to a rate that is 2 1/2 times the nation's, according to a group that monitors foreclosures.
Michigan had 8,240 homes in active foreclosure Monday out of 96,019 nationwide, the Boca Raton, Fla.-based Web site www.foreclosure.com says.
In February 2004, the state had 4,085 foreclosures in progress.
The rise in Michigan foreclosures comes as the state's unemployment rate remains high and appears to be heading higher.
The state's seasonally adjusted jobless rate ended 2005 at 6.7 percent, compared with the national rate of 4.9 percent.
Economists say they expect the state's annual unemployment rate to edge up this year and again in 2007.
Lenders lose up to $50,000 per foreclosed house as they sell them off at below-market prices. That can lower property values in neighborhoods, drive away other residents and hurt property tax collections for local governments.
"Foreclosure depresses an area in a variety of ways," LaSalle Bank chief economist Carl Tannenbaum said.