Buried in an article about the “rocket docket” in Fort Myers, Florida is this quote:
Sixty percent of the cases handled here involve homeowners who were speculators and out-of-towners. They don’t bother showing up for the court hearing, so the process is quick, and many are handled in seconds.
I assume that figure is higher, in part, because Fort Myers is a popular place to buy a second (or third or fourth) home for vacationing. I don’t think many people are buying vacation homes in North Minneapolis.
Still, that figure does show just how inflated the housing bubble was before it popped.