West, South home to the most foreclosures

Prior to the housing bubble burst, many of the nation's foreclosures were taking place in industrialized cities, including Cleveland, Detroit and Indianapolis.

Prior to the housing bubble burst, many of the nation's foreclosures were taking place in industrialized cities, including Cleveland, Detroit and Indianapolis. However, CNNMoney reports that in wake of the housing market collapse, the foreclosure landscape has gone through some regional shifts.

According to CNNMoney, last year, 82 of the 100 zip codes with the highest foreclosure rates were in Western states, while California and Nevada accounted for 66 of them. The reason for this could be that these states were subject to a rapid rate of real estate development in the two decades prior to the economic collapse. However, economic factors, such as high unemployment, led to the rising number of foreclosed houses.  

Meanwhile, the report indicated that Nevada was home to the five zip codes with the highest foreclosure rates, while North Las Vegas alone reported 2,469 foreclosures in 2011. 

Additionally, the South was recognized for being the region with the second-most zip codes with the highest foreclosure rates, as Georgia claimed 12 of the top 100 spots. However, CNNMoney reports that the Northeast was the only region to not have a single zip code in the top 100.



blog comments powered by Disqus