I just found this article, from the Grand Rapids Press, about the new proposed foreclosure law in Michigan. The law proposes shortening the redemption period from 6 months to 3. What does everyone else think of this? Is this really the best way to go about dealing with the foreclosure crisis? Personally, I don't see it helping things, because what most people need when they're at risk of foreclosure is more time to get their finances back on track.
Hopefully we'll be able to talk about this in class on Thursday? I'm not quite sure I follow why this is being done, other than that it has industry support (which may be all that matters)?
ReplyDeleteAlso found it interesting that it applies only to residential property and not agricultural (A one-liner halfway through the article.. I know that this is urban econ, but I'm wondering how much rural housing is being foreclosed upon? Is there a striking difference? And if "agricultural" property means farms, does it include both large industrial and small-scale farms? (I mean, before industrial farming, wasn't all agricultural property ALSO residential?)
If the 5% number is correct then it may not be as big of a deal if a shorter period can save home value lost with abandoned properties. However, this would still not address the issue of foreclosed residents destroying homes on there way out.
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