Jesse Jackson Raises Awareness of Michigan Home Foreclosure Problem

Michigan Foreclosure & Real Estate News

Michigan Foreclosure News Summary:  Activist, Jesse Jackson has come to the state to raise awareness regarding the increasing Michigan foreclosure problem. According to Jackson, foreclosures have become an epidemic for the state, and they are bringing down the Michigan family.
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Michigan has the fourth highest foreclosure rate in the nation. Social activist Jesse Jackson came to mid-Michigan to raise awareness about the problem. Jackson says this is a real crisis and that it's time for action.

Jessie Jackson: "Save our homes, save our families, bail out, not foreclosure."

Taking the stage in Lansing, the Reverend Jessie Jackson said it's time to shine light on a silent epidemic- foreclosures. He says they're bringing down Michigan family by family.

Rev. Jesse Jackson, Rainbow PUSH Coalition: "As people lose their homes, they also lose their ability to pay their insurance, they lose their ability to keep their kids in school and pay rising tuition, and as they lose their homes, they also begin to lose their way."

It's a message that really hits home for Cindy Redman. With less income coming in, she says she's a month away from losing her home.

Cindy Redman, risks losing home: "It's extremely unsettling having to worry about whether I'm going to be able to make a house payment this month or pay utilities next month."

Like dozens of others, she came to the town hall meeting for help. Jackson says the first step is coming forward, but he says the whole system needs a massive restructuring by the federal government with a focus on keeping people in their homes.

Jessie Jackson: "They must convene the major banks of the country and federal government and work out a long term low-interest restructuring of debt as opposed to massive foreclosure."b

Because, he says, even if you're not at risk of losing your home, foreclosures hurt the whole community. Foreclosures aren't the only problem plaguing the housing market. One of the area's largest real estate agencies is also detailing troubling numbers. Coldwell Banker Hubbell, headquartered in Lansing, says this is the worst they've seen in decades. The average sale price for a home this year is down by about $20,000. That's compared to the same time last year. The Hubbell statistics also show that houses are sitting on the market about five days longer this year, and overall, the volume of sales are down about 20%.

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