**I am putting my disclaimer upfront:  The story I am writing is not about any one particular
family, it is merely an observation from a real estate agent in Metro Detroit who has watched
the downturn in our real estate market unfold. It is also a story that I've heard more times than I've wished by families who work hard, have purchased their piece of the American dream and have faced financial stress that they didn't realize was coming. 

Lola Audu wrote an excellent article yesterday entitled "When the pant legs are two different sizes".  Lola is a real estate broker in Grand Rapids and owner of Audu Real Estate.  If you have a few minutes I highly suggest you read her article.

As I was reading her article I saw the faces of the families that I have met and watched struggle through these hard economic times in Metro Detroit.   To say that Lola hit the nail on the head with her article is an understatement.  The foreclosure crisis in our state is a local crisis.  It cannot be compared to what is happening in Florida, or Nevada or California.  It was a monster in the making that took years of economic downturn to fully rear it's head.

For Mr. and Mrs. Jones and their 2 children it has been a financial nightmare.  Mr. Jones worked for a plastics plant that supplied parts for one of the Big Three automakers. He enjoyed job security, health benefits and most of the year worked 50-60 hours a week.    

When Mr. and Mrs. Jones children were no longer toddlers and were getting ready to begin school they decided to sell their small starter home and purchase a larger home in the school district of their choice.  On his steady income of $70,000 a year they purchased a $180,000 home in Metro Detroit and happily settled in.  They went about their daily lives contributing to their community and the economy.  They vacationed in Michigan and they shopped in Michigan.

3 years ago Mr. Jones couldn't have predicted the price of gas creeping up and the effect it would have on truck and SUV sales.  He also didn't predict the foreign automakers leap to the head of the line with auto sales.   One day Mr. Jones went to work and was informed that the overtime that he had been steadily working for the past 7 years would be gone.  Mr. and Mrs. Jones adjust their budgets, learned to coupon shop, stopped taking vacations and life went on.

2 years ago Mr. Jones went into work only to be met with the gossip that his plastics plant would be closing.  Within weeks the gossip would become fact.  Mr. Jones did not have a job.  He was now going to receive an unemployment check along with job training offered by the state of Michigan.  His health insurance would be cut off, but could be replaced by a more expensive Cobra policy.   Mrs. Jones found a job to help supplement the income while Mr. Jones became "Mr. Dad" and looked for a new job in between school hours for their children.

The Jones sold everything that had any value to keep their heads above water.  The family camper, the boat, the snowmobiles.  Everything was sold at discounted prices to help them through one more month of mortgage, utility and insurance payments.

A year ago Mr. Jones heard about jobs in other states.  It was time to move on.  They would have to leave their family, friends and community to keep their heads above water and provide for their children.  They contacted their local real estate agent to put their home up for sale only to be told that their $180,000 home was now worth $150,000 because of the other Jones families in the area who also had their homes up for sale.  Supply and demand.  Mr. Jones was already familiar with it - remember, he lost his job because of it.

Mr. Jones heads off by himself and finds a job in another state, leaving his wife and children behind while he gets settled and they wait for their home to sell.   The home doesn't sell because they owe more on the mortgage than the home is worth in the current market.   The Jones cannot afford to live in 2 separate states any longer, and emotionally it is taking its toll on everyone being separated.  Mr. Jones makes the difficult decision to give his house back to the bank and have his family join him.  

Their American Dream has been shattered.  No longer will they feel secure in their jobs.  No longer will they feel secure in their community.   The emotional toll is too devastating to them.   They'll carry the pain of gain and loss with them forever.  The shame that a hard working man like Mr. Jones feels when he isn't able to feed his family or live up to his financial responsibility is sobering.  He will probably never be the same Mr. Jones again. 

In the Metro Detroit area the Jones family is a typical example of the foreclosure crisis.  Here, in one way or another, we are all connected to the auto industry.  When the auto industry is in a crisis there is more than a trickle down affect, it's a flood gate opening.  Restaurant workers, salon workers, travel agencies, insurance companies, plastic plants, paint companies - we all feel it.  

Do I have a cure for the ills the State of Michigan is going through?  No.  However I do vote.  I will scrutinize even more closely the candidates for office in our state.  Those that have not only a vision of how to turn around the economy in our state but the guts to do what it takes will receive my vote.    I want the Jones family to be able to come back to the Metro Detroit area.  I want them to be employed here, to shop here, to live here and raise their families here.  

© 2007 Kris Wales   Metro Detroit real estate  macombhomes.com