The home foreclosure market ? if that is a proper term to use ? is blooming, but not evenly across the nation. True, home foreclosures can be found in virtually every town or neighborhood across America but there are areas where foreclosures are much higher than in other areas. Let's take a look at several areas around the country where the number of foreclosures appears to be the highest.

Southern California ? The Golden State's huge run up the housing market shows little sign in ebbing. That being said, many buyers who jumped into the housing market just a few years ago are finding that their adjustable rate mortgages are beyond their ability to repay. What had once been a good deal for these owners has turned into a bad deal as the adjustment period kicks in. Paying $500 or more per month over an already high mortgage rate is catastrophic for some. Fortunately, some buyers will be able to refinance or sell out in a hot market.

Northern New Jersey ? Like Southern California, the 12 counties closest to New York City have seen a huge run up in prices over the past decade. On the other hand, some towns have seen their housing markets flatten out as local price corrections kick in. For owners who were on the edge before this time, they can be pushed over the edge as their mortgage readjusts too. Unfortunately, many of these owners will lose their overvalued homes as willing buyers are only looking for a bargain.

South Florida ? Hurricane damage notwithstanding, the southernmost market of the Sunshine State remains overheated. Unfortunately, some homeowners are sweating it out as they deal with homes that still need to be repaired, job displacement, and big mortgage payments. Default rates in some counties are up under such pressure.

Falling Markets ? Across there are pockets of housing markets where prices are finally retreating. While this is good news for buyers, it is terrible news for homeowners who may end up owning more for their home then it is worth. Couple that information with ongoing financial pressures and homeowners and mortgage companies are likely to lose their shirts with any sale.

Of course, the painfulness for one party could be the gainfulness for another party. If you are in the right place at the right time, then you could capitalize on a fast changing housing market and come out the winner.