Grand Rapids Mortgage Market

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?