Hard Times in California's Central Valley

A sign advertising recreational amenities stands in unfinished development in Merced, Calif. Located in California's beleaguered Central Valley, Merced County is one of the nation's foreclosure capitals and is set to receive $9.2 million in federal funds to help local governments buy up foreclosed homes. A recent report found that bankruptcy claims in the region increased 83 percent in 2008. On Feb. 6, the area's $1 billion hometown bank, Merced-based County Bank, failed and was taken over by Westamerica Bancorp of San Rafael.

See more of the series here