Foreclosures Plague Michigan

The Boston Globe reports:

Michigan has lost 305,000 jobs since 2001. Economists estimate that 40 percent of the cuts came from automakers and their suppliers, who have shed jobs each of the past six years as they have tried to regain their competitive edge.

About 65,000 people moved out of Michigan from July 2005 to July 2006, the US Census Bureau reported. The migration eroded already-weak demand for houses, which in turn hurt prices. In the last three months of 2006, Michigan was the only state in the nation where home prices fell, dropping 0.4 percent from the same time in 2005

Even easy money by the Fed couldn't help Michigan.