CA Foreclosures Zoom up 799%

Foreclosures hit 17,408 for the three months ended June 30, for an increase of 799 percent from the same period in 2006. These foreclosure numbers well exceed the prior 1996 high.

Rich Toscano, with Pacific Capital Associates in San Diego said: "There will be individual pain for people who made the wrong decisions. We all may end up in a recession."

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Foreclosures: Will banks cut their losses?

Foreclosures: Will banks cut their losses? - Buy a House: MLS Listings & Home Buying Tips - MSN Real Estate: "With a wave of people losing their homes, lenders are considering whether to auction off properties for less than what they're owed.
By Aleksandra Todorova, SmartMoney
© Beathan/Corbis

Brett Golden, 31, was one of the few bidders at a recent foreclosure auction to walk out with a purchase: a 2.5-story, 1,352-square-foot house in Queens, N.Y., that he got for $365,000. The previous owner had bought it in June 2005 for $415,000.

Once Golden and his father -- who together run a 50-year-old family business of buying and flipping foreclosed properties -- are done fixing this place, they hope to sell it for about $480,000, netting up to $80,000 after expenses." San Diego real estate agent

San Diego housing bubble

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N.J. housing is priciest ; Median costs highest in nation

After a six-year run-up in housing prices, many households in New Jersey are staggering under heavy monthly shelter costs, the U.S. Census Bureau reported today. Among mortgage holders, New Jerseyans in 2005 paid the highest median housing costs in the nation $1,938 a month, including mortgage payments, property taxes, home insurance, condo fees and utilities.
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BUILDER CONFIDENCE DECLINES TO LOWEST LEVEL SINCE FEBRUARY 1991

The confidence level of the nation's home builders declined for the eighth consecutive month in September, a reflection of increased sales cancellations and rising inventories of unsold homes, according to the National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI). The seasonally adjusted HMI stands at 30 this month, down three points from August and down 35 points from a year ago. In the West, the HMI has steadily declined since April and now stands at 38. An HMI below 50 indicates more builders view sales conditions as poor versus good. Newer sites: San Diego hotels - San Diego lasik

Realtors - Housing Values to fall!

September 18, 2006—Housing prices are expected to continue to have a limited fall throughout 2006, according to testimony submitted by the National Association of Realtors at today’s Senate Banking Committee.
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