The president's loan modification program and $8,000 tax credit for first-time buyers will likely have little effect on most markets...

"Specifically, you don't want to be a homeowner in several parts of California, Florida and the upper Midwest. Detroit, Mich., Miami, Fla., and Merced, Calif., are among the top five riskiest spots for homeowners, ranking second, third and fifth, respectively. California and Florida areas dominate the list, taking up almost three-quarters of the 25 spots."

These "exurbs" attracted people who wanted to live large, but cheap... and were strewn with subprime mortgages. According to the article, "One thing all the spots on our list have in common, though, is they're only going to get worse." The national foreclosure average is now 3%, compared to a whopping 13.9% for subprime loans.

Read full article (must click through to see top 25 list)...