I like graphics. Graphics tell stories. Especially graphics like this one. 

According to RealtyTrac.com, California, Florida and Arizona -- home to just 19.99 percent of the country's populace -- accounted for half of the nation's foreclosure actions in February 2009.

This is especially interesting in the context of a USA Today graphic that gets granular on foreclosure down to the county level.  Turns out that when 2008 ended, 35 of the country's 3,232 counties were responsible for 50 percent of the year's foreclosure-related problems.

Foreclosure is a national issue, it's just not the kind of national issue that the press makes out to be. 

Sure, foreclosures exist and defaults do happen.  They're a more frequent occurrence than ever before.  But if you're living in Blue Ash, Ohio or La Grange, Illinois, you're not waking up to a street full of auction signs like some other folks.

But distance from the problem doesn't mean you're home free.  As loans go bad, mortgage lenders respond by tightening their guidelines; restricting what they'll lend and to whom.  It's one reason why downpayment requirements are higher and why loan-level pricing adjustments exist.

In this way, a local issue like mortgage default can be a problem to the nation as a whole.

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