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The New Problem States
Until recently, media coverage of the Real Estate crisis has focused on the "Sand States" - Arizona, California, Florida, and Nevada. But who's next? As we explained in our recent article on "The New Normal," fresh numbers from Core Logic have made it clear that the problem of underwater homeowners and continued record high foreclosure rates was spreading, and over 34 states now have negative equity rates of over 10%.
Today, we're going to look ahead of the headlines and introduce our top three picks for "The New Problem States" -- the Real Estate markets we're looking to for explosive short sale growth moving into 2011. First up...
1. Michigan. When it comes to employment, Michigan is the biggest "Problem State" in the country, by far. They have already been the single hardest-hit state economy for over a decade now. They've lost over 800,000 jobs just since January 1st, 2000, and currently reporting 14% unemployment, which puts them first in the nation.
The Real Estate crisis in the greater Detroit area has been headline news for years now. As the Wall Street Journal reported a few weeks back: "Mayor Dave Bing has pledged to knock down 10,000 structures in ... more

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