Job markets surge in high foreclosure states

In what some experts may label a strange coincidence, a recent report from Bloomberg shows that the states most negatively affected by the housing market collapse are leading the nation in job market improvements.

Arizona, California, Florida and Nevada posted some of the highest foreclosure and mortgage delinquency rates in recent years. However, the news source says that added an estimated 222,100 jobs between August and December 2011, which accounts for 28 percent of all jobs created nationally.

"The states that were most affected by the bursting of the housing bubble - California, Florida, Nevada, Arizona - have started to do better than the national average," industry expert Jan Hatzius said in an interview during Bloomberg Television's InsideTrack. "There has been a shift. I think it says the balance sheet damage that was really responsible for the weakness is really beginning to be repaired."

Property values in these states have fallen by as much as 50 percent since the housing market's peak. However, mortgage data shows that homeowners in these areas have worked to refinance their monthly payments and cut debt to improvement their net worth, making it more affordable to maintain their status as homeowners.



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