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Chrysler Layoffs Will Impact Foreclosure Rates in the Eastern U.S.

(EMAILWIRE.COM, February 19, 2007 ) SACRAMENTO, CALIF – On Valentine’s Day in 2007 Auburn Hills, MI based Chrysler announced that it will be laying off 13,000 workers at plants in Michigan, Delaware, and elsewhere. The immediate impact of this on the affected employees and their families will be serious, and a corollary impact will be felt in the housing sector.Students of the history of real estate cycles and residential foreclosure rates will be able to make a connection between past examples of how massive employer layoffs can have a ripple effect on home selling prices and mortgage default rates. It is no secret that foreclosures are on the rise in the United States, and many experts agree that we have not seen an end to the increase in these sad happenings.According to California foreclosure expert, Patrick McGilvray, J.D., President of, “foreclosure rates are ‘lagging indicators’ that show the impact of economic trends in retrospect. It can take years for the impact of large-scale job losses to be fully felt in the economy.”Another foreclosure expert, George Roddy, President of Addison, TX based Foreclosure Listing Service Inc., had this to say about Texas’ residential housing crisis in the late 1980s, “too many people had gotten into homes artificially inflated by the availability of too much money. By the late 1980s people were having trouble selling their homes for what they paid for them.” The availability of cheap money has been a prominent theme, and ‘crazy loans’ such as interest only adjustable rate mortgages have grown exponentially in recent years. Additionally, many borrowers throughout the country are going into foreclosure because they cannot afford their housing payments, and currently owe more than their homes are worth.Mr. Roddy hd this to say, when asked about today’s statistics, “We’re not yet seeing a slowdown in the foreclosure figures; in fact, we’re seeing higher numbers. Where’s this going to take us? We could be in for a long haul.”In auto industry dependent Michigan, for example, home foreclosures in January occurred at a 2.5 times higher rate than in January 2006. The state is among the most deeply affected by foreclosures. One in every 366 houses there was in foreclosure last month according to California-based RealtyTrac, Inc.Contact: Patrick McGilvray, J.D. Tel: 916-920-3278

Patrick McGilvray, J.D.
Patrick McGilvray, J.D.

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