Foreclosures in military towns are up nearly four times the national average according to data compiled by Realty Trac, reports Bloomberg News. The same subprime mortgages that seemed so appealing to the civilian population drew military families too. Foreclosure filings in 10 towns and cities within 10 miles of military facilities, including Norfolk, Va., jumped by an average 217 percent from January to April compared to a year earlier, reported Bloomberg.
Here’s a list of the 10 communities and the increase in foreclosures:
Columbia, S.C.: 492 percent
Woodbridge, Va.: 414 percent
Triangle, Va.: 363 percent
Oceanside, Calif.: 182 percent
Norfolk, Va.: 155 percent
Havelock, N.C.: 133 percent
Carlsbad, Calif.: 131 percent
Barstow, Calif.: 120 percent
Columbus, Ga.: 102 percent
Palms, Calif.: 73 percent
May 27, 2008
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