No housing bubble popped in Ohio, Michigan

DETROIT - Michigan and Ohio share something with Florida and California — some of the nation's highest rates of foreclosed homes and delinquent mortgages. But the reasons for their woes are as different as their climates.

Battered by a declining manufacturing base, stagnant population growth and low demand for housing, Michigan and Ohio rank No. 1 and 2 on mortgage finance company Fannie Mae's list of states with the largest credit losses through Sept. 30.

Fannie Mae, which finances or guarantees one of every five home loans in the United States, listed losses — loans written off as having no chance of being recovered — of $185 million for Michigan and $101 million for Ohio — two similar states in many respects with strong ties to the auto industry. By contrast, California saw $30 million; Florida, $21 million.

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source: msn.com