Saturday, January 26, 2008

California Housing Crash-2

"Falling home values helped push a record number of Californians--more than double the previous high--into foreclosure and out of their homes in the last three months of 2007, data released Tuesday show. ... Many have already been forced out or hit the road, helping to drive foreclosures up to 31,676 statewide in the final three months of last year. That's more than double the record set in 1996 near the end of the last real estate downturn. The all-time low was 637 foreclosures statewide in the second quarter of 2005, when home values were still booming. ... Statewide, the median price for a home peaked last year in March at $484,000, then fell to $402,000 by years' end, according to DataQuick Information Services", Peter Yang and Andrea Chang at, 23 January 2008.

The article includes a chart showing foreclosures in 2007's last quarter were 421% more than in 2006's last quarter. My guess: things will get worse.

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