Red and Blue foreclosures
Forbes Magazine has an article on the top twenty counties suffering from large per centages of house foreclosures. Cleveland was not part of the stats. Most counties were in California, Florida, then GA, AZ, and CO. Interesting.
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.
Of course, not all foreclosures in a given area fit the same profile. In Wayne County, for example, almost 40% of all current foreclosures are on properties with negative equity. By contrast, of foreclosures in Miami-Dade, another area hard hit by the subprime crisis, only 11.6% have negative equity.
Florida had a problem of selling but with “positive” equity, perhaps from inflated appraisals.
Also note that there were a portion with $100,000 or more with negative equity. I cannot be as thorough as DolB, but worth following as well.