Wednesday, August 12, 2009

Waiting 5 years for my lakefront home in Michigan

Michigan really is in a pickle. They don't do much to help themselves. This is a bad idea. In roughly 5 years, the Michigan unemployment rate will be over 20%. It is at 15.4% right now, oh but they did gain 5K govt jobs in June. I do not know if that is U-3 or U-6 (they are very different). If Michigan's number reported is U-3, then U-6 is well over 20%, maybe 25%. Over time, if there's no new engine for growth like nanotech, robots, the re-industrialization of the area, then Michigan property values will drop. This is after the Michigan property values dropped when they didn't fully participate in the property bubble. Give it time, but the property will collapse further....

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