state that the Michigan median income has fallen overall by 12% from 2000 to 2005 while nationally the median income rose 1.1%. Much of this has been attributed to substantial losses in manufacturing jobs not just in Michigan but also in the entire great lakes region. GM, one of the Big Three, at one time employed more than half a The foreclosure rate in Michigan has now risen to the highest rate of any state in the nation at one home per 1,085 according to foreclosure.com. Many home owners find themselves caught in a “triple whammy” of higher interest rates, stagnant or falling housing prices and job losses. The one time promise of an adjustable Rate Mortgage (ARM) has turned into homeowners worst fears as rates have risen and secondary equity loans stressing family budgets. Many homeowners have found themselves in an “upside down” situation in that the value of there home is now less than the amount owed.

Many homeowners are concerned with Michigan facing many challenges in the coming months as job losses continue to rise. The Economic Policy Institute (EPI) reported that since 1994, when the North American Free Trade Agreement (NAFTA) was signed, Michigan has lost 63,148 jobs. In July of 2006, Michigan’s unemployment rate rose to 7 percent. Much of this rise could be attributed to automakers typical shutdown of plants to retool for next years models. However, the state also saw a loss of 5,000 jobs in leisure and hospitality services which could be considered surprising since much of these jobs are related to Michigan’s normally busy summer tourist season.

Recent reports in the Detroit Free Press on current Census data state that the Michigan median income has fallen overall by 12% from 2000 to 2005 while nationally the median income rose 1.1%. Much of this has been attributed to substantial losses in manufacturing jobs not just in Michigan but also in the entire great lakes region. GM, one of the Big Three, at one time employed more than half a m

gage (ARM) has turned into homeowners worst fears as rates have risen and secondary equity loans stressing family budgets. Many homeowners have found themselves in an “upside down” situation in that the value of there home is now less than the amount owed.

Many homeowners are concerned with Michigan facing many challenges in the coming months as job losses continue to rise. The Economic Policy Institute (EPI) reported that since 1994, when the North American Free Trade Agreement (NAFTA) was signed, Michigan has lost 63,148 jobs. In July of 2006, Michigan’s unemployment rate rose to 7 percent. Much of this rise could be attributed to automakers typical shutdown of plants to retool for next years models. However, the state also saw a loss of 5,000 jobs in leisure and hospitality services which could be considered surprising since much of these jobs are related to Michigan’s normally busy summer tourist season.

Recent reports in the Detroit Free Press on current Census data state that the Michigan median income has fallen overall by 12% from 2000 to 2005 while nationally the median income rose 1.1%. Much of this has been attributed to substantial losses in manufacturing jobs not just in Michigan but also in the entire great lakes region. GM, one of the Big Three, at one time employed more than half a

he coming months as job losses continue to rise. The Economic Policy Institute (EPI) reported that since 1994, when the North American Free Trade Agreement (NAFTA) was signed, Michigan has lost 63,148 jobs. In July of 2006, Michigan’s unemployment rate rose to 7 percent. Much of this rise could be attributed to automakers typical shutdown of plants to retool for next years models. However, the state also saw a loss of 5,000 jobs in leisure and hospitality services which could be considered surprising since much of these jobs are related to Michigan’s normally busy summer tourist season.

Recent reports in the Detroit Free Press on current Census data state that the Michigan median income has fallen overall by 12% from 2000 to 2005 while nationally the median income rose 1.1%. Much of this has been attributed to substantial losses in manufacturing jobs not just in Michigan but also in the entire great lakes region. GM, one of the Big Three, at one time employed more than half a

l shutdown of plants to retool for next years models. However, the state also saw a loss of 5,000 jobs in leisure and hospitality services which could be considered surprising since much of these jobs are related to Michigan’s normally busy summer tourist season.

Recent reports in the Detroit Free Press on current Census data state that the Michigan median income has fallen overall by 12% from 2000 to 2005 while nationally the median income rose 1.1%. Much of this has been attributed to substantial losses in manufacturing jobs not just in Michigan but also in the entire great lakes region. GM, one of the Big Three, at one time employed more than half a

state that the Michigan median income has fallen overall by 12% from 2000 to 2005 while nationally the median income rose 1.1%. Much of this has been attributed to substantial losses in manufacturing jobs not just in Michigan but also in the entire great lakes region. GM, one of the Big Three, at one time employed more than half a million salaried and hourly workers. Now it is down to roughly 300,000 and experts warn that further reductions could bring GM’s total U.S. workforce down to about 89,000 within the next 2 years.

With rising prices for fuel and medical care, job losses and falling property values more home foreclosures can be expected as all of this adds up to additional stress on the homeowner as families struggle to pay their mortgage.