Saturday, November 8, 2008

Why all the Doom & Gloom about Michigan?

More and more people are talking about leaving Michigan for better opportunities. But, where's the grass really greener?

November 8, 2008 -- BLOOMFIELD, MI – With the Presidential election over and Americans’ focus turning back to the economy, the news isn’t good concerning the domestic auto industry.

Rising unemployment, falling consumer confidence & lower spending are causing a severe drop in domestic auto sales. The automakers have responded with more plant closures, employee layoffs & buyouts.

The most recent report from the U.S. Department of Labor shows that Michigan has the 2nd highest unemployment rate in the country. Michigan also led the nation with 28,300 jobs lost in the period from September to October of this year.

It’s no surprise that as a result of all the automaker job cuts, the 3rd quarter statistics from RealtyTrac have Michigan ranked 7th in the nation in foreclosures. Michigan also comes in at 2nd of all states in terms of financed homes with negative equity. 38.6% of Michigan homes are worth less than the mortgages on them.

So, we should all pack up and leave Michigan right? Perhaps head for those sunny locales where everything has to be better?

Well, let's look at the stats for those popular destinations California, Arizona, Nevada and Florida to see.

California and Nevada rank 5th and 6th respectively in unemployment. The top four states in foreclosures are Nevada, California, Arizona and Florida. The Case-Shiller Index shows those same four states suffering from the worst drops in home values. Finally, Nevada is number one in the percentage of financed homes being upside down, with Florida, Arizona and California being 3rd, 4th, and 5th.

So much for the, “go west” advice for greener pastures!

I'm not leaving Michigan as it's not significantly better anywhere else. I will try to make a difference here by thinking positively and choosing to focus on the postive rater than the negative.

1 comment:

  1. Here here! As a westerner who recently moved east, the grass is pretty much the same.