NEW YORK (CNNMoney.com) -- Las Vegas was the hardest hit by foreclosures at the end of 2007.
Seven of the top 100 worst hit zip codes last December were in the gaming capital, according to statistics compiled for CNNMoney.com by RealtyTrac, which markets foreclosed properties online. (See Las Vegas tops foreclosures list for more)
Zip code 89031 in North Las Vegas had the most foreclosures on its books as of December, with a total of 741 filings, which include default notices, auction notices and bank repossessions.
"What we're seeing is the impact of subprime mortgages coming due," said Rick Sharga, a spokesman for RealtyTrac. These loans, which were particularly prevalent in the area, default at much higher rates than traditional, fixed-rate mortgages
Foreclosures of all types rose 75 percent in 2007 according to RealtyTrac.
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