Foreclosed
A familiar sign in Michigan is the signs, overt or more subtle, of a foreclosed house. No neighborhood is immune. Yahoo! Real Estate found me 267 foreclosures in Jackson, Michigan today. And it found 365 in Ann Arbor, a city we think of as more immune to the economic problems of Michigan, because of the presence of the University of Michigan. Even there, and even in upscale neighborhoods, the signs of foreclosure are evident. DSNews.com says, "RealtyTrac reported that Michigan posted the fifth highest number of foreclosures among states in January, with 17,574 properties receiving a foreclosure filing." Foreclosure might be a more workable option in many cases, except that most people facing foreclosure in Michigan are in the situation where they owe more on their mortgage than the home is worth. Therefore, if you go into foreclosure you not only lose your home, you can still be pursued by the bank for the balance of the money. I recent...