Driving a Deal - Part 3

Thursday, July 19, 2007

Part 3 - The Foreclosure State

In the final part of this series about the auto industry's impact on Michigan's economy, Midwest Bureau Chief Diane Eastabrook gets to the heart of the woes that have made Michigan's housing market one of the most depressed in the nation.



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Michigan Home Sales

Data Source: Michigan Association of Realtors.

Number of Homes Sold (Jan to May)
2007	2006	%Decline
44,222	46,638	- 5%
Average Home Price
2007	2006	% Decline
$136,566	$148,102	- 7%

External Links/Articles*

• American Bankers Association (ABA)
  This links to an article in ABA's Banking Journal titled "The Subprime Credit Crunch." It was authored by Dana Johnson of Comercia Bank, who is interviewed in Diane Eastabrook's report.
• City of Detroit
  This links to information about Detroit Mayor Kwame Kilpatrick, who is interviewed in Diane Eastabrook's report. One of the intiatives discussed on the page is the mayor's plan to grow and build stronger neighborhoods.
• Comercia Bank
  Comercia Bank is a financial services firm headquartered in Detroit. This links to the "Economic Insights" portion of Comercia's website, where you can find information about Dana Johnson, the bank's chief economist. You can also find links to a variety of economic reports.
• Michigan Association of Realtors
  This links to the "Housing Statistics" section of the Michigan Association of Realtors website.
• RealtyTrac
  RealtyTrac is a housing marketplace "for homeowners, investors and real estate professionals." This links to RealtyTrac's snapshot of home foreclosures in Michigan. According to the data presented, in May there were 11,849 new foreclosure filings in the state.

*Clicking these external links will take you off the NBR web site on PBS.org. NBR has no affiliation with these sites.