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The people I know in Michigan who have foreclosed have done so due to unemployment, not due to subprime mortgages (and of course, my neighbor who was work reduced due to breast cancer treatments and lost her husband). With no job, you cannot make a house payment, no matter what the loan terms were. If they want to move out of state for a job, they end up having to let their house here go to foreclosure because they can't sell it for even half of what it was worth a few years ago. This seems to be a never ending cycle since, the more houses go into foreclosure, the less money you can get for your house.
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