The foreclosure capital of the U.S.

[Mexico Resident]

That’s the title of a MSN money article http://realestate.msn.com/buying/Article2.aspx?cp-documentid=1349808
And the capital is Detroit. After listing all the mounting bad news in Detroit and other areas the following sentence appears:

“That sounds bleak, analysts say, but the good news is that the surge in foreclosures has likely reached its peak. ”

Is that the equivalent of “we might have reached the bottom”? Not only are no “analysts” named to directly support this assertion, very little reason is given for this conclusion. But a lot of negative info is given in the article.

[poorgradstudent]

It sounds like Detroit is a bit ahead of the curve, thanks to its almost constantly weakening job market. Detroit very well may have hit bottom in terms of its local market.

San Diego ranked #35 on their foreclosure list. I wouldn’t be shocked to se it move up in the next year.

[PerryChase]

I guess that there’ll be good deals in Ft Lauderdale, a city that has the 2nd highest foreclosure rate.

Ft Lauderdale is a good place to retire — balmy weather and no state income taxes.

We have years to go before this national housing bubble deflates.

[Author]

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