LANSING – Michigan was the state with the highest number of home loan losses through September 30, according to Fannie Mae, which provides financing guarantees for nearly 40 percent of all houses in the U.S.
Through the first nine months of the year, the state led all others in terms of delinquencies and foreclosures affecting loans held with Fannie Mae, the company said. Ohio ranked second on the list.
According to Fannie Mae losses in Michigan totaled $185 million.
Similar losses in Ohio totaled $101 million through the first nine months.
Michigan’s ongoing economic problems were cited as the reason for the losses, particularly with the nation’s highest unemployment rate.
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