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Metro Phoenix second-worst place to retire

Metro Phoenix has been deemed the second-worst retirement location in the U.S.

According to David Roth of The Fiscal Times, the greater Phoenix area is a rotting place for retirees due to a housing market that has approximately 40 percent of mortgages "underwater."

"It was dramatically overbuilt during the real-estate boom, and the massive inventory glut that followed cut the bottom out of home values across the state. In 2006, Arizona's median home value was $270,000; in 2010, it was $143,000."

Roth's article went on to rank Lake Las Vegas, Nev., as the worst place to retire with Davenport, Fla., Orange County, Calif., and Clark County, Nev., closely behind.

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