Foreclosures in Michigan increased in 2009 over the prior year. There was a total of 118,302 properties with foreclosure filings. That works out to a rate of one filing for every 38 households, which compares to the United States average of 45, and is a little more than two and one half percent of the state's housing units.
Michigan is the 8th largest U.S. state by population, with 10,045,697 people (in 2009). Its 96,810 square miles make it the 11th largest state by area. Median household income in 2008 was $48,591.
Although Michigan has been stung by job losses over the past few decades, the state remains one of the main manufacturing hubs in North America. 34 Fortune 500 companies have their headquarters in Michigan. Its most famous output, of course, is automobiles, as evidenced by its two top corporate presences, GM and Ford. On the agricultural side, Michigan is second only to California in crop diversity. Tourism adds $17.5 billion per year to the economy.
