15% of California Home Sales are Foreclosures

According to the Central Valley Business Times, California foreclosure sales neared $2 Billion in March.

“Foreclosures sold at auction now account for 15 percent of all home sales in California and continue to rise,” says Sean O’Toole, CEO and founder of Foreclosure Radar. “This isn’t just a story about failing subprime lenders and their customers. At the current pace, foreclosures will be a significant part of the real estate economy. A fact which bears close scrutiny even in areas that are not yet affected.”

Sounds like home prices in California aren’t going to keep on going up forever. Also, check out QuiggleMe.com, an interesting blog about the mortgage industry and all its evils from a seemingly honest (gasp) mortgage broker.

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