Reading most of the headlines these days, you would think that foreclosures were happening everywhere in the U.S. Well, this just isn’t the case according to a recent USA Today article:
Most foreclosures pack into a few counties
Map of Foreclosures in 2008 by County by RealtyTrac
In it, the author Brad Heath, cites RealtyTrac statistics that show that more than half of the foreclosures in 2008 took place in just 35 counties, centered in the Southwest and Florida mainly:
A few of the 35 counties leading the foreclosure boom are in already-distressed areas around Detroit and Cleveland. But most are clustered in places such as Southern California, Las Vegas, Phoenix, South Florida and Washington, where home values shot up dramatically in the first half of the decade, then began to crumble.
The worst-hit counties are home to about 20% of U.S. households, but accounted for just over 50% of the nation’s foreclosure actions last year, driving most of the national increase. And even among those places, a few stand out: Eight counties in Arizona, California, Florida and Nevada were the source of about a quarter of the nation’s foreclosures last year.In more than 650 other counties — about a fifth of the nation — the number of foreclosure actions actually dropped since 2006.
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In Arizona, Maricopa County (Phoenix area) is one of the leaders in the nation as speculators and banks helped each other into the mess. Out little county, Yavapai, had paltry 474 foreclosures compared to our big brother, Maricopa.
Arizona Foreclosures by County by RealtyTrac
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