Anyone have any clue why the foreclosure rate there is so high?
I guess the most interesting housing boom/bust locations are Arizona and Nevada, as they are the obvious exceptions to Krugman's Flatland/Zoned Zone view. Unless I'm missing part of the story, people started going to these places when they were cheap...and then kept buying even when they ceased to be cheap. Here's a graph of Phoenix prices through June, for example.
