Realtytrac released new numbers today, showing that Stockton, Detroit and the Riverside- San Bernardino areas are the hardest hit for foreclosures in Q3 of 2007. Two of the top three are in California.

Washington foreclosure listings which contain REO, (real estate owned) properties are the least risky as well as being the simplest.

Thanks for clarifying the Barnstable county location. I’d suppose pretty much everyone is aware of Cape Cod, and I can understand why the perceived values are high.

With that said, I’ve pretty much always lived in close proximity to Left Coast beach communities/resorts. Traffic sucks in the summer, you just adapt to driving in when traffic isn’t bad, and making sure to get out before the outflow traffic begins.

When real estate cycles change, the high-ticket areas aren’t impervious. You’ll never find values going so low that they’ll be in the same realm as outlying “cheaper” areas, but prices will certainly take a clipping.

Waterfront will always be a draw, close to waterfront is still a good draw but somewhat more affordable. If you have the time and patience to wait for opportunity, it will likely come knocking in the next few years.