more foreclosure factoids
That isn't to make any of this sound rosy. Just about 5% of all Detroit area households were in foreclosure in 2007. That's phenomenal. And the new center of gravity for the foreclosure mess looks to be the Washington, DC suburbs with the largest percentage increase in foreclosures being in places like Bethesda/Frederick, MD with +1288%, Washington, DC itself(+575%) and even Baltimore, MD (+544%).
I would not even want to paint an overly rosy here despire our relatively low ranking in all foreclosure metrics. An astute anonymous commenter here has pointed out that the difference in regulatory regimes here vs. Ohio may account for the big disparities in foreclosure rates here vs. Cleveland. I believe that.. but also wonder whether transaction costs coupled with the low value of many homes here makes strict foreclosure less of an option for lenders here vs. elsewhere.