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Just as an indication of the market and its potential for decline, in the fourth quarter of 2007, 31,676 Californians lost their homes to foreclosure. This was more than double the peak foreclosure rate of 15,418 in the third quarter of 1996, which was during the last real estate correction in California.
What is more troublesome is that there are significantly more foreclosures to come, as interest rate resets will not peak until the third quarter of this year. So we will not likely see the worst of the foreclosures until the last half of 2008 or the first half of 2009.
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