Its too late. Our house, which we bought for 128K was the cheapest house in Livonia in 2004. Today its worth 108. We owe 118. Screwed, we are
Anyone who thinks what we are dealing with here in Michigan is similar to what is going on in the rest of the country is just doesn't get it. Everyone I know either works in automotive or relies on automotive workers for customers. If GM goes under, we might as well be hit by a sunami, it will be like a massive disaster. Everyone, from doctors who won't get paid by patients without health insurance, to ballet instructors whose students parents won't have jobs, will be affected.
Yes, I completely agree. What you are all dealing with in Michigan is nothing like the housing boom/bust cycles playing out in California, Florida and Arizona. Although, I think Florida will be flat for a long time because a lot of job creation there was mostly from the housing boom itself. The service/tourism industry there can't support a robust return in housing. And all of those baby boomers who were going to buy second homes there can no longer afford to do so. Florida used to be a cheap place to live, but it isn't any longer....not since the hurricanes went through in 2004.
Michigan is a whole 'nuther matter though. Michigan needs to re-invent itself in some way. It needs to become a "Silicon Valley-like" purpose that isn't linked to the auto industry. Maybe the Green technology boom that we'll hopefully see will dig in some roots in Michigan to help out the job market? I don't know, but that's what I'd hope for if I lived there.