People in the state of Michigan...is the job situation as bad as they say out there?

Question

I've been hearing about the auto layoffs for sometime, now I read
in Thursday's wall street journal that the highest foreclosure and bankrupcy rate in the nation(i'm writing this verbatim right off the article), is in the state of Michigan, and focused specifically on the cities of Detroit, the ENTIRE Detroit metro suburban area, Ann
Arbor, Saginaw, Jackson, Monroe County, and Holland. What the
hell is going on here? Why isn't this a bigger deal in the news?
I'm writing this from Chicago, and I barely here it mentioned in
national news stories.
I think this should be the biggest news story in the nation.Forget
the turmoil in the middle whatever, we have an entire state, the eighth-ranked in population(just over 10 million), essentially
out-of-work. Did the whole nation and corporate-political powers
that be decide to write the state off?
This is really bad, if what I'm hearing is true. And cities like chicago that are doing "okay" will be touched by this too
What's going on?

BTW, home prices are DECLINING in all
these cities.........something strange is going on here.

another, BTW. People do care what is going on. I'm an investment banker in chicago, and I care VERY much what is going on in the job front(perhaps I should say NOT going on) in the state of Michigan.
See, we've reached a point where we are outsourcing the country away. We've
written off legacy costs, spun-off supply
conpanies like visteon to dump costs
on the pension board, and know its got to the point where we are writing off the future
of 10 million people.
What are these 10 million people supposed
to do, go and collectively become blackjack
dealers in Las Vegas? Is everyone supposed to work for the casinos now?
Or become part of the public dole?
If I were a Michigan resident, I'd be writing
letters weekly to Jennifer Granholm in Lansing, asking her what the hell is going on, and what, if any, plans she has for the
future. That goes for all national and local
senators and reps. AND, more than anything, business leaders.
They just sold your entire state down
the toilet

I have to laugh! I got zero comments here!
Even the people who live in Michigan don't care evidentally! That must be why the state is totally fried job wise! Apathy leads to job loss.!!!!
Will the last person with a job in Michigan
turn off the lights! It's over. Even the people
themselves dont care!

I know what it happened...people got lazy.
Lots of money was made in the auto industry, and it seemed as if it would go on forever(Watch the first 20 minutes of Roger and Me). They never bothered to diversity, and left the entire city of Detroit
enmasse, which shot down any hope of attracting high tech workers in other industries. You ran away enmasse from what could have been a great city, leaving
the hopeless and jobless on the dole.
That put into play a city with the highest
crime rate in the nation. That essentially
shot down any chance of diversifying in the
future. The only reason we in Chicago are
doing well here is that we spent an excrutiating period rebuilding and tearing
apart our city bit by bit. It was exceedingly
challenging, but we did it. Now we have
lots of jobs. You folks didn't, let the city rot to hell, and now you are in the suburbs
with NO jobs!
Thats why.....you guys did it to yourself,
and its coming back to haunt you big time!

Answer 1

It's bad, mainly if you are in the auto-industry as a blue-collar worker. There are houses for sale EVERYWHERE. (We live in Oakland County)

I don't think the state was written off. It's a combination of many factors, poor corporate management being a biggie. The "head honchos" are giving themselves huge raises while cutting benefits and pay of the workers. Then the unions get involved. (Which I don't want to go into here). Many people here in MI believe too many people are buying foreign vehicles and that is causing the problem. Also the fact that many automotive jobs are being sent to foreign countries. I wish I knew the problem myself, but I can tell you it will impact the nation.
Michigan politicians are trying to bring in other industries besides automobile. Google is opening some business center here currently.

It is scary, but I think Michigan will come out on top eventually, it will just take time.

Answer 2

The problems are at the state level, laws, taxes, which leads to Money, Power and control and greed, Maybe it time for every one to get out of Michigan before the Big earth quake hits and folds Michgan hand like fist of rage, yet the gas prices are so high the poor will have to start walking out of Michigan , the airports take for ever due to all the terrorist things, so maybe it best to just start planing to get out while ya can.

Answer 3

Re: "BTW, home prices are DECLINING in all
these cities.........something strange is going on here."

Home prices are declining all over the place, including Chicago.

http://money.cnn.com/2006/05/15/real_estate/NAR_firstQ2005_home_prices/index.htm

Quote: "However, from the fourth quarter of 2005 to the first quarter of 2006, median prices nationwide fell from $225,300 to $217,900, a drop of 3.3 percent. It's the second consecutive quarter that prices showed a sequential decline; in the fourth quarter of 2005, prices fell 1 percent from the third quarter.

Many major metro areas showed slight declines, including Washington D.C. (down 2.4 percent), Los Angeles (down 0.8 percent) and Chicago (down 0.8 percent)."

Home prices are even declining in "hot" markets, like Phoenix.

http://www.azcentral.com/news/articles/0911resales-ON.html

Quote: "The overall median price of a used home in metropolitan Phoenix was down 1 percent in August from $264,900 in July, according to the Real Estate Center. After hitting a record of $267,000 in June, Valley home prices have begun retreating to last year's levels."

----

Oh, and according to RealtyTrac, the "leading online marketplace for foreclosure properties", Colorado, Nevada, and Florida have the highest foreclosure rates. Nevada and Florida are very hot markets, as well.

http://sev.prnewswire.com/real-estate/20060913/LAW04113092006-1.html

Quote: "Colorado foreclosure activity spiked nearly 60 percent from the previous month and the state documented the nation's highest state foreclosure rate for the sixth month in a row, with one new foreclosure filing for every 301 households. The state reported 6,079 properties entering some stage of foreclosure during the month, more than twice the number reported in August 2005 and the seventh highest number reported by any state.

With one new foreclosure filing for every 430 households, Nevada posted the nation's second highest state foreclosure rate for the third straight month. The state reported 2,016 properties entering some stage of foreclosure, a 24 percent increase from the previous month and more than three times the number reported in August 2005.

Florida foreclosure activity jumped to its highest level of the year so far, with 16,533 properties entering some stage of foreclosure in August -- the most of any state and an increase of more than 50 percent from the previous month. The state's foreclosure rate of one new foreclosure filing for every 442 households ranked as the nation's third highest state foreclosure rate."

Quote: "The five states with the most new foreclosure filings -- Florida, Texas, California, Ohio and Illinois -- accounted for 50 percent of the nation's foreclosure activity in August.

Texas reported 14,278 properties entering some stage of foreclosure, the second most of any state and an increase of nearly 9 percent from the previous month. The state's foreclosure rate of one new foreclosure filing for every 564 households was 1.8 times the national average.

With 12,506 properties entering some stage of foreclosure, California foreclosures increased nearly 25 percent from the previous month, and the state's foreclosure rate -- one new foreclosure filing for every 977 households -- registered slightly above the national average for the third month in a row.

Ohio and Illinois each reported more than 7,000 properties entering foreclosure, and both states documented foreclosure rates above the national average. Ohio reported 7,468 properties entering some stage of foreclosure, a 36 percent increase from the previous month, and Illinois reported 7,059 properties entering some stage of foreclosure, an increase of more than 40 percent from the previous month."

Quote: "Greely, Colo., posted the highest foreclosure rate among the nation's 252 largest metropolitan areas, with one new foreclosure filing for every 136 households -- more than seven times the national average. The Greely metro area comprises one county, Weld, which reported 488 properties entering some stage of foreclosure, a 39 percent increase from the previous month.

With one new foreclosure for every 166 households, Baton Rouge, La., documented the nation's second highest metro foreclosure rate. Of the four parishes that are in the metro area, East Baton Rouge Parish reported the majority of foreclosure activity, with 1,507 properties entering some stage of foreclosure during the month. That represented an increase of more than 2,500 percent from the previous month, when only 56 new foreclosure filings were reported."

Answer 4

yes, the state sucks. buy my house