The Riskiest Housing Markets In America: PMI (PHOTOS)

The economy may or may not be inching its way toward a recovery, but for now the housing market is still very much in flux.

PMI, a mortgage insurance provider, recently released its quarterly report on the U.S. real estate market, and listed what it sees as the riskiest housing markets in America. Florida, as you might expect, is very well represented on the list.

Though the overall risk in 93 percent of U.S. real estate markets decreased in the fourth quarter of 2009, PMI says the below markets are certainly as high-risk as they come. For the sake of explanation, we've added background information on each metropolitan statistical area PMI cited, using data from the Bureau of Labor Statistics, foreclosure data from RealtyTrac and building permit information from the National Association of Homebuilders. (Note: in some of the MSAs below, we averaged foreclosure rates for more than one municipality.)

(For more information check out PMI's website here.)

Which market is riskiest? Which is headed for a rebound? Check out the list below: