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Bond Defaults Stalk Wealthiest Michigan Communities as Development Crashes

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"Michigan’s auto-industry collapse, which led to the worst home-price drop among U.S. states, has forced some of its wealthiest and fastest-growing communities to seek state aid to prevent municipal bond defaults," according to Bloomberg. "Falling property values and job losses stripped away the ability of communities to repay debt after auto-industry bankruptcies and the worst recession since the 1930s left the state with 13.6 percent unemployment, the second-highest rate in the U.S. after Nevada’s."
SOURCE:   Bloomberg

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