A recent article by Alejandro Lazo (Washington Post Staff Writer) discusses two of the most important issues as they pertain to Realtors in Michigan, and Michigan as a state: the auto industry and the housing market.
#1: GM is continuing it's quest for bankruptcy protection as they look to sell the company's assets offering bondholders up to 15 percent of GM's stock if they support the liquidation. Why is this important to Michigan? Because Michigan is largely fueled by the auto industry, and the industries that feed off of that. The wealth created by the industry trickles throughout Michigan in the form of tourism, weekend getaways, and second homes.
#2: National new home sales were down 34 percent from last April. This is not a surprising statistic for those in the real estate market, but it goes to further emphasize that we aren't alone in our local market situation. Median home prices also fell 16 percent from April 2008 to April 2009. Again, not surprising. In Northern Michigan, this percentage is almost doubled to 30 percent as foreclosures hit the market. We are not alone.
Link to article: