Welcome To Foreclosure Hell

by The Editors on September 17, 2008

Foreclose 01Forbes.com is calling Carlsbadistan one of the country’s largest foreclosure hotspots right in above La Jolla, and Miami Beach.

In Carlsbad, for example, there are 302 homes in foreclosure. The wealthy beach town–the median home sale price is $710,000–has suffered from overvaluation and risky financing, says Rick Sharga, a senior vice president at RealtyTrac. . . . The only thing that separates homeowners in Carlsbad from those in [other hot spots] is that in Carlsbad folks are losing their second homes.

Oh, we get it. Forbes is saying that it’s no big deal because in Carlsbad we can all afford to lose our “second homes.” Nice.

[Link: Forbes.com]

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