Tuesday Map: Tracking foreclosures with Google Maps

With many adjustable-rate mortgages not due to reset until later this year—when, no doubt, many in the United States who didn’t read the fine print will default on their home loans—here’s one Web site where more-savvy investors can go to feast on the resulting carrion: ForeclosureRadar.com. One man’s famine becomes another man’s feast.

Focused on California, the site tracks “the fastest growth market in real estate,” i.e. the market for foreclosed houses:

The combination of over development and aggressive lending practices has set the stage for an unprecedented foreclosure boom. In California alone, the default rate was up 14% in January 2007, when an estimated $4.5B worth of property entered the foreclosure process. At that level of activity, more than $100M per month in gross profit will be generated by savvy investors and real estate professionals, including Realtors®, lenders, and attorneys.

At the heart of the custom interface is a Google Maps mashup that looks like this:

The system also keeps track of foreclosure auctions so you don’t have to. What inspired all this? The site’s founder, one Sean O’Toole, says he “nearly lost his first home to foreclosure almost 20 years ago.” Clearly, it’s a lesson he never forgot.

(Hat tip: Barry Ritholtz)