The national foreclosure rate shot up after 2007, but even then it never reached the steadily rising level of foreclosures in Ohio.
Banks are struggling to deal with billions of dollars of loan losses, including mortgage debts that reflect a record level of foreclosures.
That means the outlook for the rest of the year remains weak with the expiration of the tax credit, as well as the high level of foreclosures and inventories.
Nasser Daneshvary of the University of Nevada, Las Vegas has found that the value of homes near foreclosed properties falls faster than the market as a whole, until so many homes are foreclosed that average property prices fall to the level of foreclosures.
In Nevada, a state with 14% unemployment and the highest level of foreclosures in the country, there's still one ZIP on the list: Lake Tahoe's 89451, which takes the No. 389 spot.
Sixth, every mortgage-backed security which has a high level of foreclosures should be audited by the FBI to assure that all loans were properly underwritten.
Rents have been flat to declining in recent months, and in "bubble" areas those experiencing the highest levels of foreclosure activity they have dropped precipitously.
One recent study found, perhaps unsurprisingly, that high levels of foreclosure tended to drag down not just investment in property but also car sales.The knock-on effects go further, argues Terrie D'Antonio, the head of Help of Southern Nevada, a charity.
Indeed, areas with high levels of foreclosures, vacant housing and a reduction in prices expect to see adjustments to the property taxes continue, which is bad news for local governments.
Staring at such balance sheets, you might almost forget that much of the nation lives under slate-gray fiscal skies, a place of 9.4 percent unemployment and record levels of foreclosures and indebtedness.
