5 States, 35 Counties

In February I linked to an article that said five states (California, Nevada, Arizona, Florida and Michigan) have most of the toxic mortgages.

A more recent article narrows it down to 35 counties that have half the nation's foreclosures. And beyond that list of 35 the article says

Even among them, there are some areas that are worse than others: "Eight counties in Arizona, California, Florida and Nevada were the source of about a quarter of the nation's foreclosures last year."

UPDATE: Here is some nice detail about why the effect is regional.