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According to a report by the Federal Reserve Bank of Richmond in Virginia, areas that were hit hard by foreclosures include communities that encountered high price increases. For Virginia, counties in the northern part of the state experienced sharp price jumps, resulting to more cases of foreclosed homes. In general, areas that were most affected by the crisis have more mortgages with subprime loans. This accounts for the majority of the more than 2.2 million American homes that fell into foreclosure for the year 2008.