OAKLAND (CBS SF) - A new report indicates that the total loss in Oakland home values driven by the foreclosure crisis could reach $12 billion by the end of next year.
According to a report by the Alliance of Californians for Community Empowerment and the California Reinvestment Commission, there have been more than a million foreclosures in California since 2008, but Oakland has been hit especially hard.
The data indicates that there will be 28,000 foreclosures in the city by the end of 2012, with most of them being concentrated in just three zip codes.
"In Oakland specifically in the 94621 zip code, the 94603, the 94605, you have about 90 percent of Oakland's foreclosures concentrated in these areas," said Robbie Clark of Just Cause.
The blight left behind has become a magnet for crime. That ends up costing the city more in cleanup and security costs.
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