I live in the Car Capitol state and back in 2008 when everyone else was experiencing a recession we were in a full blown depression in our state. We live in a nice sub with 78 homes and by 2010 we had 56 of those 78 homes in different stages of foreclosure. All of my neighbors either work for Ford, GM, Fiat/Chrysler or one of the Big Tier 1 automotive suppliers, when both members of the household lost their jobs and our unemployment rate was higher than any other state, no one could find jobs and they let there houses go.
Both of my neighbors on either side of me had to declare bankruptcy, as their emergency savings depleted after two years of unemployment. One of my neighbors, lived in their house for over 2 years before the bank took it back and then they moved to Texas. My husband and 30 of his employees lost their job all on the same day when Ford decided to outsource their entire department to India. Thankfully I was able to hang onto my job and we were able to save our house from the fate of our neighbors. It took my hubby 2 years to find a full time direct hire opportunity. We had a 2 year emergency savings and blew thru that in the 2 years hubby was unemployed.
During this time, I learned how to be even more resourceful and due diligent with my money then I had before and I’m still saving today for the next big one… I truly hope I never have to go thru another horrible depression like myself and my state went thru in 2008 to 2012.