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Wednesday, July 30, 2008

Foreclosures Spreading to the High End

by Calculated Risk on 7/30/2008 03:28:00 PM

Mathew Padilla at the O.C. Register directs us to three foreclosure maps:

  • Notices of default by ZIP

  • Foreclosure density

  • Foreclosure percentage gains by ZIP

    Foreclosure Spread Click on graph for larger image in new window.

    I've taken a portion of the current foreclosure map and animated it with the rate of increasing foreclosures. (click on map for animation)

    This shows that foreclosures are spreading to the higher end areas of Orange County.

    Although the high end areas will never have the elevated foreclosure rates we are seeing in the low end areas, it makes sense that the foreclosure crisis would spread. When I talked about this at the Inman Real Estate conference last week - and suggested agents should expect increasing foreclosures in high end areas - my comments were greeted with incredulity.

    I wish I had this map with me.

    On that topic, here is a repeat of a cartoon from Eric G. Lewis:

    Housing Cartoon 2007

    Eric G. Lewis is a freelance cartoonist living in Orange County, CA (used with permission).

    Eric drew this cartoon in 2007, when many people in south Orange County, CA were stunned that prices could fall in their areas.