Saturday, December 10, 2005

"Record Foreclosures' In Michigan

The Kalamazoo Gazette reports on the gloomier social mood that accompanies defaults in Michigan. "More Portage residents polled in the city's recent annual survey said Pfizer Inc.'s restructuring has hurt the community and the quality of life in Portage has declined to some degree. Nearly double the percentage of Portage residents polled for this year's community survey said that quality of life in Portage has declined. Of those polled, 14.6 percent noticed a drop in the city's quality of life, up from 8.2 percent in 2004."

"'I would say that with the current state of the economy, people feel, overall, that the quality of life has slipped, even if things have really stayed the same,' said Councilwoman Margaret O'Brien."

"O'Brien, a Realtor, pointed to Michigan's faltering economy and '`record foreclosures,' with many occurring even in the area's affluent neighborhoods."


At 9:36 AM, Blogger Ben Jones said...

This survey points to the dilemma facing those who are looking for foreclosed properties in the wake of the housing bubble. They will occur in an environment of negative social mood. When commercial property hit rock bottom in Dallas in the 80's, nobody was buying.


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