A USA Today story last week uses data from RealtyTrac to show that more than half of the nation’s foreclosures last year took place in just 35 counties, in about a dozen states. Outside those foreclosure hot spots, the article says, “the foreclosure wave was barely a ripple — at least until it started swamping major banks that had invested heavily in mortgages.” Wachovia, it points out, was hammered by foreclosures in California and Florida. And we all know the rest.