OpinionIndustry News

Stabilize home prices, stave off default

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By DAVID REAULT Editor's note: In this guest perspective, a broker-owner in Michigan grapples with the foreclosure problem and possible solutions. Inman News wants to hear from you about personal experiences working with distressed properties and opportunities to remedy this foreclosure mess. Click here for details on how to participate. Michigan has been in the heart of the foreclosure crisis for some time now. It's unbelievable the way our market has changed, and it's probably even more unbelievable the way it is being handled. I could write a long story detailing a lot of things that need to be done and many of the big disconnects where different layers of bureaucracy don't communicate and cause the problems to magnify. There are only two that I'd like to point out now: First off, the federal government's one-size-fits-all approach to the problem won't work. In markets like ours where we have seen such great drops in the value of homes, many of the steps just create more ...