Indianapolis, IN

Tue 21 August 2007

So, I’m thinking about foreclosure rates. In a recent article from WTHR.com, job losses in manufacturing are one of the leading reasons why Indiana is among the highest in the nation in home foreclosures. Plant closings in Indiana, Michigan and Ohio make up 20% of all foreclosures. At one time, it was possible to get a job in a factory and know that you could raise your family on your income alone. But when people get these jobs now, and the company files bankruptcy, or outsource your job and leave you unemployed, what are you supposed to do? You’ve not only lost your job (and your income), but also your health coverage and your pension. It’s not easy to find those same kind of jobs. But what gets me, is that if you are working in a factory that manufactures something, and you are making $22, and you lose your job, then they tell you, “There are other jobs out there. Like Wal-Mart.” Ok, I doubt that Wal-Mart is going to pay you $22 per hour. In fact they will probably pay you less than half of that. How can you pay your bills if now you are working the same hours, but making half of what you were? It’s no wonder foreclosures are at an all-time high. Besides, I also think that people get talked into buying these brand new houses in these cookie cutter subdivisions, and give you really low payments for the first two years. But then it goes up so high after that introductory period that people can’t pay it and are forced to foreclose. The regular guy is being screwed, and no one is doing a damn thing about it.

: foreclosure rates, job losses, manufacturing jobs, outsourcing, plant closings