The story is about one street in Chula Vista that is ground zero for foreclosures in San Diego County.

In the last few months, foreclosure has hit 1326 Little Lake Street. And the house across the street: 1327. And next door: 1330. And 1346, and 1401, and 1406, and 1413, and 1425, and 1448. And others.

It didn’t say who the builder was. I wonder if the builder encouraged buyers to “misrepresent” their income or assets on their loan applications. Such a dense concentration of foreclosures seems suspicious to me. Where’s a class action lawsuit lawyer when you need one.

Some phases, like the one holding Little Lake Street, were finished quite near the peak of the market. Buyers who used 100 percent financing now owe more than their house can sell for, perhaps as much as $100,000 more.

As you can imagine the older, affluent areas have fewer foreclosures. Those folks aren’t living from paycheck to paycheck.

After the 92057 [Oceanside] ZIP is Barrio Logan, 92113, and Golden Hill, 92102, in San Diego, each with about 140 foreclosures and close to 30 homes per 1,000 affected.

Among the ZIP codes faring the best thus far are Coronado, with less than one house per 1,000 in foreclosure, and parts of high-end North County areas like Carmel Valley, Del Mar, Encinitas, Carlsbad, Solana Beach, La Jolla and Cardiff by the Sea.

But it’s plain that foreclosure trouble is gaining ground in those neighborhoods — 63 homes in La Jolla, 54 in Carmel Valley, 48 in Encinitas in the first half of this year compared to the 7, 10 and 16 homes in such straits, respectively, in the same period of 2006.

San Diego may also be ground zero for home prices.

Peter, the bank-owned home specialist, predicted two to three years of price declines and five to 10 years before prices start to appreciate again in the region.

“I think what we’re hearing from federal economists is that we’re hitting the bottom,” Peter said. “But it could be 2019 before we see another peak.”

Some areas in metro Phoenix have it pretty tough… but at least it isn’t San Diego.