Southern California has been hit particularly hard by the collapse of the housing market with foreclosure rates for eight defense communities in the region ranking among the 20 highest for cities neighboring military installations. Four of those communities are outside Camp Pendleton, reports the Sacramento Bee.
Overall, foreclosure rates climbed 32 percent over the last three years in zip codes near bases, compared with 23 percent nationwide. Young service members and their families who purchased homes at the height of the bubble and then face orders to move are especially vulnerable, according to the story.
The housing data may be overstating the impact on military personnel, however, as military families may not be as likely to own homes outside installations as assumed, noted an official with the National Military Family Association.