Modesto that I mentioned above is #2 in foreclosures and the Central Valley accounts for 4 of the top 11. California has 2 others for a total of 6, Florida has 3 and Phoenix & Las Vegas round out the list.

Maimi is interesting, with relaitvely high values above (147%) and 2.2% foreclosures. Richard, in Reset you say Miami is the hub city of Latin American commerce. Could that explain why values haven’t dropped more, are South American businesspeople keeping prices up?

The County assessor says our close-in Portland house is worth 194% of its 2000 value. Zillow says it’s 166% of 2000 and 94% of peak. Both better than Case-Shiller’s Portland average.

For comparison, Zillow says my mother’s house in Modesto which we sold in 2005 is back almost exactly where it was in 2000. But in the decade it went up to 270% of that price, then fell again. (And the harsh reality is, my mother’s former house is in foreclosure for 55% of Zillow’s estimate and has no takers.) So central California is nominally Cleveland but actually Detroit.