California homes entering foreclosure hit record

[Liberal_in_LA]

http://www.latimes.com/business/la-fi-foreclose23apr23,0,2484664.story

California homes entering foreclosure hit record
Denis Poroy / Associated Press

A for sale sign sits in front of a bank owned home in Chula Vista, Calif. Default notices in California were up 143% from the same quarter a year ago.

Default notices were sent to the owners of 110,000 homes in the first quarter, up 143% from last year. Only a third are likely to avoid losing their properties.
By Peter Y. Hong, Los Angeles Times Staff Writer

10:39 AM PDT, April 22, 2008
Sinking home values and the collapse of flimsy mortgages sent a record number of California homes into the foreclosure process in the first three months of this year, a real estate information service reported today.

[slackmaster]

1. A painful but necessary step toward a more normal housing market

Very sad for people who get foreclosed on, but it will lead to good news for people trying to get into the housing market.