A rash of toxic loans, such as the notorious no income, no job, no asset (NINJA) mortgages, were used to buy homes here during the boom, according to local real-estate agent John Rivera. When prices dropped, many owners lost their houses.
Foreclosures here have taken a long time to wind their way through the system, so many old defaults are still being counted, Rivera said.
This house, which hit the market in December, is priced 40% lower than it sold for in late 2007.
It has 2,100 square feet of living space, four bedrooms, an eat-in kitchen and a breakfast bar that overlooks the family room.