A recent study released by RealtyTrac, a nationwide real estate data collection and analysis firm, reports that most foreclosures last year were packed into a very small number of counties in just a handful of states.  In fact, more than 1/2 of the nation’s foreclosures took place in just 35 counties across the country, a sign that the current housing crisis began in a few small corners of the country.
As one would expect, California and Florida led the way in foreclosures actions, and it was these 2 states that caused Wachovia Corp, the banking giant that was headquartered in nearby Charlotte NC, to falter considerably, paving the way for Wells Fargo to come in and purchase the bank late last year.
Fortunately, here in Rock Hill SC and For Mill SC we’ve been quite lucky in the fact that the number of foreclosures have remained relatively low, especially in comparison to other areas.
While President Obama’s recently revealed plan to help the mortgage crisis calls for some $75B worth of aid, it is sure to some significant challenges, especially given this revelation that much of the foreclosure activity is centered in small pockets across the country.
To see an interactive map of the nation’s foreclosure activity since 2006, visit the USA Today article here.
