Most foreclosures clustered in four states (guess which four?)

According

to RealtyTrac's report on foreclosures for the first quarter, every single one of the top 26 most foreclosure-ridden cities is located in one of four states: California, Arizona, Florida and Nevada.

Las Vegas, Merced, CA, Cape Coral-Fort Myers and California's Stockton, Riverside, Modesto, Bakersfield and Vallejo-Fairfield topped list. Cities in Idaho and California landed at numbers 27 and 28 on the list.

This is the old "Real estate is local" cliche taken to an extreme, and the foreclosure boom appears to be mostly a tale of four states.