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Has The Housing Bubble Found Its Pin

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Has the Housing Bubble Found Its Pin? (by William Norman Grigg)

by William Norman Grigg

May 13, 2006

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"After recording more than 9,000 foreclosures in 2005, Wayne County [Michigan] ended January with 3,364 homes in active foreclosure, the highest of any county in the nation by more than 1,000," reported the Detroit News.

“Katherine Ben-Ami … an attorney for the Wayne County Sheriff’s Office … supervised the auction of 379 foreclosed Wayne County homes in 35 minutes” on one recent Wednesday morning. During one one-minute stretch, Ben-Ami foreclosed on 11 homes.

The Wayne County housing disaster reflects the ongoing demise of General Motors, once a pillar of the U.S. industrial economy. Unemployment and cutbacks in overtime have left many homeowners unable to meet their mortgage payments, particularly those who took out exotic loans “or siphoned all the equity out of their property to pay off debts or get cash,” notes the paper. “My monthly payment went from $500 to $2,200 because of the negative escrow account,” explained one General Motors worker who lost his home in a mortgage default.

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  • 301 Brexit, House prices and Summer 2020

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