Bloomberg: Foreclosure Crisis Spreads Across U.S.; Idaho Defaults Mount

Nan Holmes, a senior escrow officer at a title insurer, says her insider’s view of the local market gave her the confidence three years ago to pay $370,000 for a new home in Boise, Idaho. She got a price she liked from the builder and 100 percent bank financing. That was before the bottom fell out of the housing market in California, Nevada and Florida as borrowers with bad credit began defaulting in record numbers, setting off a recession........ She stopped paying the mortgage in April and has put the house on the market for $145,000 less than she owes the bank.