The stretch of California 40 miles from the Pacific Ocean is responsible for almost 10 percent of the mortgage losses across the country.

With 112,284 foreclosure filings in 2008, it is the epicenter of the mortgage meltdown. At the end of year, 8.02% of housing unitts in the Riverside-San Bernardino area were in foreclosure, making it the third most foreclosed place in America. (Stockton, CA and Las Vegas beat it).

It's also the land that killed Lehman Brothers. Just before the credit crunch hit, Lehman bought the real estate development company SunCal, which sold house lots to builders in the area. When land values plummeted 60%, it became a toxic waste land for Lehman.

This video walks through the economics of the Inland Empire Housing Bubble.