4. Detroit, Mich. Population
: 706,640 Credit rating
: Caa1, negative outlook Violent crime per 1,000 people
: 21.37 (the highest) Unemployment rate
: 19.9% (2nd highest)
Detroit was hit hard during the recession, with the near-collapse of the automobile industry and a further slowdown of the already embattled housing market. The median home value between 2007 and 2011 tumbled by 43.5%, or more than four times the rate of decline across the country. The lack of income coming into the city’s coffers in the last few years has led to significant financial difficulty for Detroit. Moody’s currently rates city’s bonds as Caa1, which is considered junk status and the worst-rating Moody’s gave to any major city. Mayor Dave Bing signed a budget that aims to cut $250 million in the 2012-2013 fiscal year, with total spending of $1.12 billion.
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