A commentary on the failing auto industry

Real Estate Broker/Owner with Short sale pathways

I have Friends and family who over the past few years have been losing their jobs due to the failing auto industry. Everyone knows that Gm one of the largest corporations in the world will be filing for bankruptcy protection on June 1st. This will devastate not only Detroit and Michigan but any city within 300 miles of Detroit. Anyone whose job is remotely connected to the auto industry will be affected.

Gm has already announced closure of the majority of their plants. Chrysler is not far behind. Today my brother in law got laid off indefinitely from a parts supplier for Chrysler. last week a good friend got laid off from a GM supplier. Another friend filed for bankruptcy after his construction business failed. another closed their thrift shop. I specialize in short sales and one in ten that I do are for Realtors or mortgage brokers.

It is a sad state of affairs. I received this video in an email from another friend who is now laid off indefinitely...


Comments (1)

Tom Boos
Sine & Monaghan Realtors, Real Living - Grosse Pointe Farms, MI
Providing the very best of service to Sellers and

Hey Ron:  We are all "bracing" for the major impact that the inevitable bankruptcy of GM and Chrysler will bring to the general economy and housing market throughout Michigan.  It won't be pretty.  Hang in there.

Apr 25, 2009 01:46 AM