-“He estimates between 750,000 and 1 million bank-owned properties will hit the market this year, or about a quarter of the homes up for sale. In some areas, these properties will continue to slow sales and depress prices further.”

California is one of those areas. Texas is not (in a way), so to devide it out nationally agianst the entire USA population isnt really instructive to what will happen here. Location location location.

-“California had the second-highest foreclosure rate in the country. One in every 204 California households received a foreclosure-related notice. The state had 64,711 properties facing foreclosure, the most of any state and more than double last year’s total.”

More than double last years total. But just remember, this is all suppose to work itself out in the next 5 months cause GW raided your future kids piggy bank and we’ll start growing again soon. Oh and as always, it is a great time to buy a house! (Notice the sarcasim leveled at the NAR)