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Florida

Annual tax revenue change: -10.3%
Jan.-Mar. 2008 tax revenue: $5.824 billion
Annual home value change: -8.15%

The Florida housing slump is one of the worst in the nation and only appears to be getting worse. The $66 billion Florida budget for the coming year is about $6 billion less than the one approved last year. It includes a $332 million reduction in public school spending and cuts to state hospitals, nursing homes, and various social programs.