Michigan - 1981 and Now! - Michigan Foreclosure Report by Mark Ijlal

Hat tip to Paul Mueller for sending this in. So next time when you are feeling gloomy about the "bad" economy in Michigan - read this:

In 1981 Michigan Unemployment was 12.3%

In 2005 Michigan Unemployment was 6.4%

In 1981 US Unemployment was 7.6%

In 2005 US Unemployment was 5.0%

In 1981 Prime Rate was 21.5%

In 2005 Prime Rate was 7.0%

In 1981 Mortgage Fixed Rates were at 16.63% with 2.1 points

In 2005 Mortgage Fixed Rates were at 6.15% with .08 points

In 1981 ARMs (Adjustable Rate Mortgages) were at 16.75%

In 2005 ARMs (Adjustable Rate Mortgages) were at 4.86%

Despite all the negative reports in the media today concerning the Michigan economy - it is still better than it was in 1981.

Michigan - 1981 and Now!