In Michigan, Home Rates Rise Slower Than Loan Rates

Second mortgages and home-equity credit lines are on the upswing in Michigan, as they are across the nation. But here, they come at a dangerous price, as median property values in the state aren't increasing as they are elsewhere in the United States. Freep.com reports:

The Census Bureau released data for publication today showing that Michigan's median home values rose 19% in the last five years, compared with a national average of 32%. Meanwhile, 19% of Michigan homes have a second loan on them. Nationwide, 17% do.

Read more: CENSUS 2006: Home owners risking big debt