American Nightmare: Top 10 Cities for Foreclosures

"We should understand that owning a home does not cause the American Dream to be fulfilled ? rather, it is a consequence of the American Dream being fulfilled," says Reiss. "We should do less to incentivize home ownership at all costs and more to create our self-sufficient citizenry."

For a snapshot of homeowners losing the dream, we asked Realty Trac for housing data over a 12-month period.

Here are the Top 10 Cities Under Siege:

1. Fernley, NV Foreclosure Rate: 1 in 5 homes Housing Units: 17,947 Unemployment Rate: 16%

2. Las Vegas-Paradise, NV Foreclosure Rate: 1 in 6 homes Housing Units: 788,094 Unemployment Rate: 12%

3. Pahrump, NV Foreclosure Rate: 1 in 6 homes Housing Units: 16,600 Unemployment Rate: 14%

4. Modesto, CA Foreclosure Rate: 1 in 8 Homes Housing Units: 173,590 Unemployment Rate: 16%

5. Merced, CA Foreclosure Rate: 1 in 8 Homes Housing Units: 83,091 Unemployment Rate: 17.2%

6. Cape Coral-Fort Meyers, FL Foreclosure Rate: 1 in 8 Homes Housing Units: 360,036 Unemployment Rate: 12.4%

7. Stockton, CA Foreclosure Rate: 1 in 8 Homes Housing Units: 226,644 Unemployment Rate: 15.4%

8. Riverside-San Bernardino-Ontario, CA Foreclosure Rate: 1 in 8 Homes Housing Units: 1,436,332 Unemployment Rate: 13.3%

9. Bakersfield, CA Foreclosure rate: 1 in 9 Homes Housing Units: 268,989 Unemployment Rate: 14.4%

10. Vallejo, Fairfield, CA Foreclosure Rate: 1 in 9 Homes Housing Units: 149,830 Unemployment Rate: 10.9%

*Housing Data is based on research by Realty Trac, and unemployment figures come from annual 2009 rates.

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