LA Times: Foreclosures increase 51 percent nationwide

However, here is the kicker:

The Southwest region was the hardest hit, accounting for one of almost 2.2 foreclosure filings. The region includes Arkansas, Louisiana Oklahoma, Texas and the Western states. Four states in the region -- Louisiana, New Mexico, Oklahoma and Oregon -- reported fewer foreclosure filings last year compared to 2005.

Foreclosures are rising currently due to several plant closings locally. But that appears to have more to do with local economic conditions than overpriced houses.