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A recent CNN Money report on zip codes worst hit by foreclosures (primary residences, not rental properties) in 2011 presents an interesting departure from expected figures. In recent years, the list has been dominated by neighborhoods in auto industry victim cities like Detroit, Indianapolis and Cleveland, comprising 25 percent of the total 100 spots.
The recent real estate market collapse has claimed a whole different geography. Streets with affluent and modern homes spread across the Western cities have now taken top spots on the 100 hardest hit zip codes list. California, with 38 zip codes, and Nevada with 28, are the top runners, contributing largely to the total of 82 zip codes claimed by the Western states.
Repossessions were previously mostly attributed to older neighborhoods. As per the latest figures however, new age developments and housing communities in growing metro areas have suffered the worst in this foreclosure crisis. Experts believe that foreclosed properties are aggravating the market situation as the lower priced REO homes can further devastate already slumping prices. With REOs being priced at 25%-50% below conventional properties, and foreclosed properties flooding the market every day, the slump is expected to only get worse.
To read more about the worst hit zones and the foreclosure effect, click here.
