Tuesday, September 21, 2010

Michigan is no longer the worst

Nevada took the title of highest unemployment away from Michigan in May, and has kept it.
In August, Nevada unemployment rose to 14.4 percent. Michigan, by comparison, dropped to just 13.1 percent.
Pretty good, by comparison. But I still must mention the national unemployment rate is 9.6 percent. And that is bad enough to make the Democrats nervous about the November election.
I should also mention that Nevada is tops in another unfortunate statistic -- foreclosures. One Nevada home in 84 got a foreclosure notice last month, and 70 percent of the homes in that state are underwater (an odd description in such a dry state).
Michigan is not in the top five for foreclosures, although the city of Detroit certainly is.
Last Friday, Detroit posted 13,000 homes on the city auction site for the month of September. Those homes are being auctioned for non-payment of taxes, and most are under forclosure proceedings. Detroit has so many homes in this situation that they can no longer do the auction live, it is handled online.
Once again, by comparison, Oakland County looks pretty good. We had just 140 homes up for auction this month.
And I should also point out that Detroit is the most affordable city in the nation this year according to Coldwell Bankers' Home Listing Report. The average four-bedroom, two-bath house in the city costs just $68,000.


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