The Wall Street Journal has an article "Detroit's Pain Begins to Spread Into Wealthy Suburbs and Schools," focusing on Bloomfield Hills and Oakland County and how white collar auto job losses have impacted funding for community schools.
"Last year, average property values in the county fell 29%, and foreclosures rose 54% from a year before, according to RealtyTrac. Unemployment in the county swelled to 8.6% in December, the highest since March 1991. In 2007, the county's population fell for the first time in five years."
"The state, meanwhile, is battling deep economic troubles. It has the highest unemployment rate in the nation at 11.2%, and the economy has contracted each year since 2005. The decline is expected to accelerate this year, according to Dana Johnson, chief economist at Dallas-based Comerica Bank, which recently moved its headquarters from Detroit."
To read the article, link to http://tinyurl.com/ddgza4.
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