09.10.2008 - America's luxury foreclosure capitals
From Forbes: Just because a neighborhood is full of swimming pools and luxury cars doesn't mean the guy around the corner is making his mortgage payments. Take plush Laguna Niguel, Calif. This South Orange County community has 61,891 residents and borders glamorous beach cities like Laguna Beach and Dana Point, but it has the highest number of bank-owned properties--210--of the ZIPs we examined. These foreclosures have likely contributed to the decline of the area's median home price, which has fallen by $52,750, or 7.2%, to $679,500 in the last year..... Full Article: Source