NEW YORK (CNNMoney.com) — Think Greece and Spain are drowning in debt? Look a little closer to home. Seven U.S. cities recently had their municipal bonds downgraded below investment grade. Their debt is now, junk, considered more worthless than that of the so-called PIIGS.  ”America’s short-term budget crises, long-term growth perspectives and needs for austerity [...]

The new wave of foreclosure filings is tied more to the economy than bad mortgages. That means its spreading beyond the bubble markets such as Las Vegas and Southern California. Here are 10 cities where defaults grew the fastest in 2009.
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