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Detroit, MI

The Bad: Detroit has been ravaged by the auto-industry crisis, with unemployment still above 10 percent and home prices continuing to fall.

The Good:
The silver lining of it all is that depressed real estate prices and an eager work force has made Detroit attractive to businesses – even compared to emerging markets. Not only is the mayor out hustling to attract business but one CEO is looking to make the city a high-tech corridor like Silicon Valley with the tagline, “Outsource jobs to Detroit.

The Recovery:
“Urban pioneers are taking advantage of its low costs to launch their dream,” Bert Sperling of BestPlaces.net said of Detroit. “Like many older cities, Detroit has great 'bones' that will be a springboard for its recovery.”

Photo: Getty Images