Ralph Jenkins

05/08/2008

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Mortgage Meltdown: 11 Metro Areas Hit Hard by Subprime Lending.

America has been devastated by a wave of mortgage foreclosures. This is thanks to predatory lending practices that have left many people without homes they couldn’t rightly afford in the first place. But what areas are affected the worst? And should you be heading there to snap up a bargain home?

Here’s a quick guide to the Top 11 metro areas with the highest foreclosure rates according to RealtyTrac data.

It's dirty, it's scary, it's falling apart at the seams and it's the only major U.S. city that can look South on Canada. Detroit tops our list with a whopping 4.92% of houses in foreclosure which is a jump of 68.15% since 2006. Along with its declining auto manufacturing industry, The Motor City is renowned for its rich musical heritage. From the sweet pop-soul sound of Berry Gordy's Motown, a long lineage of garage rock bands from The Stooges and MC5 through to The White Stripes and the spatial pioneering techno sounds of Atkins, May and Saunderson. Downtown Detroit has been enjoying a renaissance over the past decade with hang outs like Greektown and the casino resorts proving to be very popular. Also millions of tourists are pulled in to Detroit through its many events and festivals like the Electronic Music Festival, River Days and CityFest. Sports fans also refer to Detroit as Hockeytown thanks to a 1996 marketing campaign by the Detroit Red Wings.

Good old Stockton California famous for...err...err... OK, we admit we've never heard of it but they do have an Asparagus Festival, and who doesn't like a nice bit of asparagus. Stockton boasts 4.87% of its homes in foreclosure which is a massive 271.3% change since 2006. Fans of the macabre may like to visit Stockton as it was once the home of ex-Manson family member Lynette "Squeaky" Fromme, now doing a life sentence for an attempted assassination attempt on Gerald Ford. Stockton is located in the heart of rural California and the effects of subprime lending have hit hard in the white bread suburbia as upward mobility has led many to buy their dream cookie cutter McMansion. Looking for a great bargain home? Stockton has the dubious, and almost ghoulish, honor of being one of the first areas to offer bus tours around its empty Pleasant Valley-style streets. Home shoppers can find some great deals on monster homes. And here in status symbol land there's no need to worry about the neighbors - there aren't any! You don’t believe us? Check out the videos.

Viva Las Vegas! Traditionally people flocked to Vegas to lose their house at one of the many casinos the city is famous for. Now thanks to subprime mortgages you don't even have to enter a casino to lose your home, as the market has come crashing down like a house of cards. With 4.23% of homes foreclosed, Las Vegas has seen a change of 169.11% since 2006. The main industry in Las Vegas is tourism, with Elvis impersonators coming a close second. Sin City is famous for its nightlife but apart from the Rat Pack, no one is more famous than the legendary Wayne "Mr. Las Vegas" Newton. And it's not just crooners The Entertainment Capital of the World is well known for popular beat combos like The Killers and Panic! at the Disco have been tearing up the hit parades in recent years. If you don't mind fighting your way through busloads of overweight seniors gorging themselves on all-you-can-eat buffet and the music of Celine Dion then Las Vegas may be the place for you.

Southern California’s Riverside and San Bernardino counties are nestled between the San Bernardino Mountains and the Santa Ana Mountains just to the west of the Los Angeles Basin and form the major part of the Inland Empire. The areas of Riverside and San Bernardino have 3.83% of homes in foreclosure, 186.14% more than in 2006. Archie and Jughead, Betty and Veronica equal fun times in Riverside...oh wait that’s Riverdale damn it. Riverside is the home of unrepentant homerun king Barry Bonds, one hit wonders Alien Ant Farm and freckle faced Alia Shawkat who played Maeby on Arrested Development. Music fans will want to check out the awesome 3 day Coachella Festival held annually in nearby Indio. In San Bernardino you will find the first ever McDonald's restaurant, the resting place of guitar hero Randy Rhoads and the annual Route 66 Rendezvous classic automobile festival.

The River City features 3.19% of its homes in foreclosure, a staggering increase of 272.54% since 2006. Way back in 2004 the Greater Sacramento area was one of the most livable regions in America. Now Sacramento is leading the charge with a massive 41% drop from last year for the median asking price on a house. While most of Sac Towners can't afford to pay for their homes and least Governator Arnie can get a good night's sleep at his presidential suite at the Hyatt Regency for a mere $103,000 a year. Cult movie buffs might want to head to California's capital city to check out the Trash Film Orgy festival which serves up the best of Z-grade cinema. If you prefer your entertainment a bit broader you can check out the non-stop livestock action of the California State Fair which for the second year running boasts a "Weird Al" Yankovic concert.

Like most of America's heavy manufacturing cities, Cleveland has suffered from great economic strife and the city has lost more than three times the national average in jobs in the last few years. There has been a 112.43% change from 2006 with almost 3% of homes in Cleveland in foreclosure. To make matters worse, they let Madonna into the Rock and Roll Hall of Fame! Cleveland is famous for one of the most euphemistic sport team name in the world, The Browns. The Cleveland Indians baseball team has managed to spawn two movies starring Charlie Sheen and Tom Berenger. They also created one of the craziest promotions ever, ten cent beer night, which naturally led to rioting. Famous Clevelanders include Drew Carey, who proved to us that unscripted equals unfunny, and legendary comic book grouch Harvey Pekar of American Splendor fame.

At number 7 we have our 4th Californian city, Bakersfield. Foreclosure rates have changed a jaw dropping 244.82% since 2006 and there are currently 2.96% of houses in foreclosure. Bakersfield is the home of the Bakersfield Sound created by such country legends as Merle Haggard and Buck Owens. The Rolling Stones paid homage to the Bakersfield Sound in their 1978 song Far Away Eyes. Along with country music Bakersfield can lay claim to being the home of nu-metal thanks to the angry suburban middle-class Adidas clad boys Korn. If it wasn't for Korn we wouldn't have had Fred Durst. Thanks a bunch guys. One of Bakersfield's most famous son's is NFL legend Frank Gifford. On retirement he went on to much greater things like announcing Evel Knievel's jumps for TV and having an affair with a flight attendant.

Miami was recently voted America's Cleanest City by Forbes magazine; obviously they must have forgotten about 2 Live Crew. Miami is showing that 2.72% of homes are in foreclosure which is an increase of 106.13% since 2006. With its tropical climate and its world famous beaches, Miami is a hot destination for sun seekers. Famous for its club scene, Miami also holds the Winter Music Conference the world's largest dance music event. Miami is one of thirteen U.S. cities that support four major sports teams, The Dolphins (NFL), The Panthers (NHL), The Heat (NBA) and The Marlins (MLB). Tourists in Miami flock to the wonderful Art Deco district which features many colorful buildings built in the 1920s. The housing market in Miami has crashed like Crockett and Tubbs taking out a Colombian drug lord in a blaze of designer pastels.

Denver has only a small change of houses in foreclosure since 2006 at 28.79% but with 2.64% they make the number nine slot. Located to the East of the Rocky Mountains, the Mile-High City is the hometown of the owner of the world's worst haircut, celebrity bounty hunter and racist, Duane "Dog" Chapman. Denver is also famous for its love of beer, being the home of Coors and with many restaurants and bars in the area micro-brewing beer on the premises. Each year Denver plays host to the Great American Beer Festival. Cowboys and Cowgirls should check out the National Western Stock Show, Rodeo and Horse Show. Fans of American Idol will no doubt be already aware that Denver is the home of Ace Young, whereas most normal people with a real life are probably not aware that American Idol is still running.

Fort Lauderdale is known as the "Venice of America" not because it stinks, the water is polluted and the buildings are falling apart, but because of its intricate canal system and its popularity with tourists. Currently 2.53% of the homes in Fort Lauderdale are in foreclosure which is an increase on 110.05% from 2006. Fort Lauderdale was the one time home of spring break before they kicked the kids out and sent them packing to Daytona Beach. However, Fort Lauderdale still likes to party with its many bars and nightclubs and is still referred to as "Fort Liquordale”. The city has worked hard to prevent the mayhem of drunken college students and now attracts a lot affluent clientele, including gay and lesbian tourists which have earned Fort Lauderdale the title of best gay resort town.

Atlanta rounds out the list with over 2.5% of homes in foreclosure, an increase of 52.25% since 2006. Atlanta is probably most famous for having the World's busiest airport and for its world renowned diabetes-inducing brown sugar water, Coca-Cola. Fancy a bite to eat? Then the main branch of The Varsity fast food chain which is the largest drive-in restaurant in the world. Atlanta is the home of ringtone rap star Soulja Boy, who’s Crank Dat, has been annoying the nation since it first dropped in September 2007. Media mogul Ted Turner runs his vast TV and entertainment empire out of Atlanta.