e.g. Miami or Miami-Dade or Florida or 33132
To get a true picture of the financial crisis it is prudent to count foreclosure by county because foreclosures are concentrated in certain pockets and not spread evenly across the America.
The federal constitutional of USA comprises of 50 states and a federal district. Forty-eight states are contiguous. Alaska State lies to the northwest with Canada to its east and Russia to the west beyond the Bering Strait. Hawaii State is an archipelago located in the mid-Pacific region.
The counties are the geographical sub-divisions of the states. The counties are not self-governing municipalities like the villages, towns and cities. It is roughly estimated that there 3,007 counties in USA.
Most of the foreclosures taking place today can be located in 35 counties – an indication that the collapse began in only few corners of USA and spread from there. These counties situated in about a dozen states are responsible for 1.5 million foreclosures in 2008 according to RealtyTrac. These were the epicentres of the foreclosure wave that surged across the country.
William Lucy of University of Virginia said, “This crisis was triggered by foreclosures, and a lot of those were in a very small number of areas.” The risk was spread by the banks and soon the crisis began to look like a car sans a reverse gear. He added, “Once it starts to go over the cliff, it's gone.” In places other than these counties the foreclosure dilemma was only a ripple.
Some of these 35 counties leading the foreclosure march were in the previously distressed areas around Cleveland and Detroit.
It is only by analyzing foreclosure by county that we can get this true and clear picture.
Alabama lies towards the south of the North American continent. The state lies towards the East of the whole continent. Alabama is a rich state and the economy of the state is agro based. The economy is flourishing and boosting and the terrain is safe. As a result the state attracts a number of people [...]
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