Through Wednesday, 131 national and regional mortgage lenders have stopped doing business around the country, with several of them being in the Michigan markets. The crisis had been branded as a sub-prime mortgage crisis, but it is hurting a wide array of home owners. Over the past 12 months over 40,000 people have lost their jobs in the mortgage industry alone. How many more people with lose a job? Mortgage defaults have doubled and the average market time in Grand Rapids, MI is 11.5 months alone, with outlying areas being upwards of 21 months. I called for a moratorium on foreclosures in Michigan for 60 days. I had great feedback with more great ideas to help stimulate Michigan's traditional home market. Have we seen the bottom?
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