Inland Empire--Your Neighborhood is Next!
<body><div id="article"><tr><td height="28" valign="middle" width="184"></td><td valign="middle" width="185"></td></tr><h1>Inland Empire--Your Neighborhood is Next!</h1><p>May 12 (EIRNS)--In the Inland Empire east of the Los Angeles basin, ground zero for mortgage foreclosures, vultures are plentiful at the foreclosure auctions, looking to turn a profit from the misery of others. But, according to Reuters (May 11), there's not much meat left on the bones, since most houses on the auction block already have a debt attached, which is more than the house is worth. According to Realty Trac, which tracks foreclosures for investors, one in 68 houses in the Inland Empire is in default or foreclosure, a rate surpassed only by Detroit and Las Vegas. Foreclosure rates quadrupled in the region from Feb. 2006 to Feb. 2007, while they increased by a mere (record-breaking) 12% nationwide, according to First American LoanPerformance, a research firm.</p></div></body>