The rise and fall of complex mortgages – interest only, negative amortization, and teasers - tracks the hotspots of the 2007-9 recession pretty well.
Southern California, Arizona and Las Vegas are pretty obvious, of course.
Look closely and you can see St. George on the tail end of that trend.
Also, you can see southwest Florida as another hotspot. Michigan too.
You can also see the areas that coasted through the recession: the high plains show very little activity at all.
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