The Rather Localized Nature of the Foreclosure Crisis

The Rather Localized Nature of the Foreclosure Crisis

The March 5, 2009 USA Today had an article and map pointing out that the foreclosure crisis is really only a crisis in a relatively small number of counties--in fact, 35 counties had half the foreclosures in 2008. My recollection is that there are about 3000 counties in the U.S. Those 35 counties are, not surprisingly, the areas of the country historically most prone to housing booms and busts--like California, Florida, New York City and surroundings, and the DC area.

Yes, this is bad news for people in those communities, even those who are not losing their houses. But the vast majority of American counties are not being all that hard hit by this problem.