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RealtyTrac's May 2008 foreclosure report looks terrible in the papers, but there's good reasons why we don't get our news from the headlines only.

A deeper look at the data shows that the whole country is not being impacted equally. 

1. California is home to 8 of the 10 most foreclosure-heavy cities in the country
2. Just 4 states accounted for more than half of the country's foreclosure activity
3. Many states -- including Ohio -- showed a reduction in foreclosure activity

But of all of the interpretations, it's most astounding that the Pareto Principle is still (pretty much) in effect -- 80 percent of foreclosure activity was tied to just over 20 percent of the states.

Dan Green is an active loan officer. Email or call 513-443-2020. Dan is on Twitter at @mortgagereports.