CLARKONOMICS: A new report analyzing markets that were most affected by foreclosure in 2007 finds that the Detroit metro area is at the top of the list. The top 100 markets saw a 78% increase in foreclosures in a year. While Detroit is up 68% by comparison, Motor City has a whopping 5% of homes in foreclosure right now. At No. 2, we have Stockton, CA, with just under 5% of homes in foreclosure. Rounding out the top 10 is Las Vegas; Riverside, CA; Sacramento, CA; Cleveland, Ohio; Bakersfield, CA; Miami; Denver and Ft. Lauderdale, FL. Rounding out the top 20 we have Atlanta; Akron, Ohio; Memphis, TN; Fresno, CA; Dayton, Ohio; Oakland, CA; Warren, MI; Indianapolis, IN; Toledo, Ohio; and Orlando, FL.

Many of these markets like Detroit, Akron, Dayton and Toledo were never part of the housing bubble. But now they're a part of the bust -- thanks to poor job markets. Atlanta didn't bubble either, but it was front and center in the sub-prime mortgage mess. Most of the other cities listed above were bubble markets. It could be 10 years before equilibrium comes and housing stabilizes. Those who bought in a bubble market during the last 36 months will really feel the crunch the most.

You have to look back to the dot.bomb era to get some perspective on the housing slump. The tech craze pushed the NASDAQ over $5K some 8 years ago. Right now it's $2.3K -- still worth less than it was at its peak all these years later. That's because the peak was artificial, but the decline was real. The housing crunch will not be this dire because the run-ups were not as steep as with the tech stocks. Think about it: The tech loss was $7 trillion, while the housing decline could be $2 trillion -- less than 1/3 of the tech bust. So the overall housing picture is not as bad as it was with the tech bubble.

Meanwhile, The Wall Street Journal reports that the banks are working the White House to get a federal bailout for themselves, at the expense of taxpayers. It is not our job to bail out banks and brokerage houses that made idiotic sub-prime loans. Clark vows to be all over this story to help protect your wallet.