For some time I have wondered what the most distressed cities in the country are. An article on www.cnnmoney.com finally gave me the answer I’ve been looking for. Listed on this website are the top ten “foreclosure hotspots” in the United States. Foreclosure rates in these cities might not necessarily be the highest in the country but are growing at the fastest pace. Topping the list is Spartanburg, South Carolina. The rate of foreclosures here has increased a shocking 228% in 2010.
In my opinion, the main cause of such an increase in the number of foreclosures is job loss. After further research, I learned that the unemployment rate in this city is well above the national average. Adrian Kudler, the blogger responsible for forclosure.com, also comments on this same article. He also blames unemployment for the foreclosure crisis. Poor lending practices are also a cause of growing foreclosure rates. Simply stated, banks around the country gave millions of Americans loans they were clearly incapable of paying. Some lenders didn’t even check a borrower’s credit, income, and financial background.
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