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Chrysler Layoffs may Impact Foreclosure Rates in the Eastern U.S.
On Valentine's Day Chrysler announced it will be laying off approximately 13,000 workers in the plants in Michigan Delaware and elsewhere across the eastern United States. The impact on the affected employees and their families will dramatically affect the foreclosure rates in the area.
Past examples has shown us how massive layoffs have a ripple effect on the housing industry and in the mortgage default rates. Foreclosures are on the rise in the United States Foreclosure rates are lagging indicators and show the impact of economic trends but it can take years for the impact of large-scale job losses to be felt in the economy.
Far too many people a gotten into homes with prices that have been artificially inflated and their incomes overstated which is put them on the brink of foreclosure. Add in the job losses and the foreclosure rates for the first quarter of 2007 are expected to skyrocket.
Contact us if you been affected in any way by these job losses and we will be happy to give you any advice we can to try to save your house. If there is a way that foreclosure can be avoided we can get it done for you.
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