Foreclosure Flipper

Detroit is bracing for a collosal blow to their economy and very way of live.  Cars are being sold at an annual rate of 10.9 million, which is down from 16 million at the same time last year (Automotive News Data Center).  This drop in auto sales has brought the big 3 automakers (General Motors, Chryslar, and Ford) to the brink of bankrupcy.  Should the big three go under hundreds of thousands of jobs could be lost.  This will undoubtably impact the number of foreclosed homes in the areas.  In one Michigan county about 10,000 homes in are in foreclosure, and that number is expected to increase by 10 percent to 15 percent next year as the local auto industry continues to downsize.