Bond Defaults Stalk Wealthiest Michigan Communities as Development Crashes

Bloomberg reports:

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.

Detroit, slammed by the state’s 74 percent housing-price decline, warned of bankruptcy when it borrowed in March to cover part of a $280 million deficit. Now, nearby communities in Livingston County such as Hartland Township and Howell Township may need legislation to help make bond payments.

The struggles of Michigan.