The NOD’s seem to be mostly Feb, Mar and April. From memory this story broke at the tail end of last year. I would guess these foreclosures should hit the market over the next few months, adding to the already record high inventory. The builders are just now showing signs of panic. This may turn out to be an exciting summer. I had always thought summer 2008 would be when things got bad but this is going to fast forward things in the Temecula Valley, especially multiple foreclosures per street from the same lender will hit the market psyche hard. Protests at the mall will not bring them any help and will only cause more people lose confidence, especially buyers exiting the freeway on the way to model homes.

This has almost become a predictable ride, next stop, price declines. The stop after that, payment resets with upside down owners unable to refi, leading to more foreclosures. this will cause a snowball effect, Get your handbasket.