The Housing Dominos Are Still Falling in West Michigan Nationally

The http://www.waterfront-luxuryhomes.com">housing> market will remain under pressure from the surge in home loan defaults, especially as unemployment keeps rising. Lost jobs, lay-offs, and unemployment are the main reason home owners are falling behind on their mortgages. Due to more homes falling into foreclosure and being bumped on the market we have not seen the end to the declining prices. The great number of foreclosures now for sale will continue to effect the developers as well.http://www.lakemirealestateforsale.com">Michigan> is trying to increase state income by promoting travel to boost tourism. Other efforts to diversify the economy included: the movie maker tax credits, business tax breaks, and credits for the advanced battery industry. Despite the housing crisis, there are cities where prices are expected to rise significantly in the coming years.

Gov. Jennifer Granholm has notified state departments to prepare for 20 percent cuts next year on top of 10 percent reductions this year. Also suffering major cutbacks were college scholarships, school aid, revenue sharing to municipalities and Medicaid health care for the poor and seniors. Contributing factors to fiscal crisis are: loss of state revenue, relative size of budget gaps, increasing joblessness, high foreclosure rates, obstacles to balanced budgets and poor money-management practices.

 

Here are the top 10 cites where analysts for Money Magazine expect price appreciation.
1. McAllen, Texas
2. Rochester, N.Y.
3. Birmingham, Ala.
4. Syracuse, N.Y.
5. Buffalo/Niagara Falls, N.Y.
6. New Orleans, La.
7. Scranton, Pa.
8. Grand Rapids, Mich.
9. Baton Rouge, La.
10. El Paso, Texas
Source: Money Magazine

Andrea Crossman

Andrea Crossman

Waterfront Specialists
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