Recession Official in Arizona & Elsewhere

Moody's, the financial analyis company, reported in its latest research that nine states across the nation are in a recession. Leading the list is beleagured Arizona, where the mortgage foreclosure crisis is ground zero and housing values are in a freefall throughout Phoenix and Tucson. It is estimated in excess of 100,000 homes are in foreclosure and most are empty and unoccupied in the Grand Canyon State. Other states in broad deep economic trouble are Nevada, California, Florida, Michigan, Ohio, Rhode Island, Tennessee and Wisconsin. The foreclosure crisis is a strongly significant factor in all but TN and WI. As the foreclosure crisis continues to worsen and expand, look for other states to join this list in the coming months. One can expect over 20 states to be in recession by summers end. The growing economic downturn will indeed have a cancerous effect on many of the nation's 50 states.
-
http://www.azcentral.com/arizonarepublic/news/articles/0509biz-recession0509.html
-
*****