It’s not surprising that Detroit leads the nation in foreclosures.

But it was comforting to note, when national statistics were released today, that Michigan - or even the Midwest - doesn’t have a monopoly on the problem.

California, Nevada, Florida, Arizona and other warm weather states also had cities in the list of top 20 foreclosure rates.

The combination of a lagging national economy, outrageous increases in property values and the sub-prime mortgage debacle have even fast-growing cities like Las Vegas and Fort Lauderdale suffering from high foreclosure rates.

Of course, it doesn’t make it hurt any less for our neighbors in Monroe County and Southeast Michigan who are losing their homes - knowing that families in warm places are hurting, too.

Maybe, however, there’s a practical benefit. The folks in Washington, D.C., haven’t seemed to notice the one-state recession that has afflicted Michigan. A national housing crisis is more likely to get their attention.

This entry was posted on Wednesday, February 13th, 2008 at 10:33 am and is filed under State and national issues. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.