Monday, March 31, 2008

Hard Times in Northern Michigan

Northern Michigan is as cool as Texas is hot (see below.) A recent article in the Detroit News says "Many homeowners are stuck paying the mortgage on an up north cottage they can't unload because other families, who might once have ventured into the vacation-home market, are cutting back in light of job-security fears, stricter lending standards, the high cost of gasoline burned on weekend drives north or other economic concerns." Adds writer Joel L. Stein, quoting a Traverse City broker, market time on for-sale properties in that town has doubled or even tripled.

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