Wells Fargo Analysis: 200 Troubled Markets
Wells Fargo & Co., the country’s second-largest mortgage lender, says it has identified more than 200 housing markets nationwide where the mortgage crisis has spread.
Wells Fargo tightened its lending standards in affected markets in 24 states and the District of Columbia.
Wells Fargo said California has at least 33 housing markets “at risk,” and that at least 20 counties, including Los Angeles and San Diego, face severe distress.
Florida has 33 at-risk markets, followed by Michigan and Virginia with 15 each, and Maryland and Ohio with 13 each, Wells Fargo said.
Other at-risk markets are located in Arizona, Colorado, Connecticut, the District of Columbia, Illinois, Louisiana, Massachusetts, Minnesota, Missouri, Nevada, New Hampshire, New Jersey, New York, Oregon, Pennsylvania, Rhode Island, Washington, Wisconsin and West Virginia.
Source: Reuters News, Jonathan Stempel
