How miserable is your state? The Housing Misery Index determines that by adding mortgage delinquency and unemployment rates.
Hawaii is the happiest, Mississippi the most miserable. California ranks right in the middle.
Michigan, where I went to college, ranks only slightly better than Mississippi, and has a 7.4% unemployment rate, the highest in the nation. When the economy catches a cold, Michigan gets it the worst and fastest. What will the Michigan unemployment rate be in a year as auto sales slow even more?
The delinquency rate in Mississippi is already a whopping 9.3%, with a tsunami of mortgage resets poised to happen.