Michigan has the 4th highest percentage of homes underwater, that is, homes worth less than what is owed on them.
48% of our homes are worth less than what is owed, as of June 29, 2009 estimates.
The spiral continues, more foreclosures, causing further decline in home values, making more homes worth less than what is owed, causing more foreclosures, and so on.
Until we get judicial mortgage modification.
Foreclosures to increase.
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