Foreclosures Hit All-Time High

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The number of homeowners receiving foreclosure notices hit a record high in the spring, with Michigan among the hardest-hit states.
The Mortgage Bankers Association says 1 percent of all the mortgages in Michigan came under foreclosure action from April-through-June alone.
The industry group says heavy job losses in Michigan and other Midwestern states are helping to worsen the foreclosure situation.
The Midwest has suffered major erosion in manufacturing jobs, especially in car-making and related industries.
Also factoring into the foreclosure surge is the collapse of previously booming housing markets in California, Florida, Nevada and Arizona.

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