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Forcelosure Hot Spots

Posted by: Nate Berg

30 January 2008 - 12:00pm

This article from Forbes examines foreclosure data to map out the cities that have been hit hardest by the subprime mortgage bust.

"79% more U.S. homes entered foreclosure last year than in 2006, according to data from RealtyTrac, an Irvine, Calif.-based real estate research firm. Congress's Joint Economic Committee estimates that 2 million Americans will lose their home over the next two years, a figure in line with most research firms and rating agencies."

"Who is most feeling the crunch? Using data from RealtyTrac, which tracks foreclosures using data from multiple listing services, bank-owned property records, bankruptcy records, loan histories, tax liens and lender information, we evaluated which of the nation's counties had the most negative equity loans, by examining all loans currently in foreclosure."

"The usual suspects top the list. Wayne County, Mich., home to Detroit, is first, with 10,622 homes in foreclosure with negative equity, 176 of which have more than $100,000 of negative equity. Clark County, Nev., where you'll find Las Vegas, has 4,278 homes in foreclosure with negative equity and lands at No. 2."

"Rounding out the top five are Maricopa County in Arizona, and Riverside and Los Angeles counties in California."

Full Story: America's Hardest-Hit Foreclosure Spots
Source: Forbes, January 28, 2008
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