Foreclosures in California: The Current Housing Crisis is More Severe Than Previous Corrections
Publication Date: May 2008
Publisher(s): California State Library. California Research Bureau
Author(s): Rani Isaac
Keywords: Mortgages; Foreclosure
The Chair of the Assembly Banking Committee requested that the California Research Bureau prepare estimates of the number of housing foreclosures in California. Our estimate of the number of housing foreclosures in the State during the current cycle (2006 09), varies from 170,000 to 434,000. Foreclosures will affect between 3.0 and 7.8 percent of all homeowners with mortgages (depending on the underlying assumptions, as discussed in the Note).
CRB also presents a range of estimates for metropolitan counties. As the credit and housing crisis plays out, CRB plans to update this Note and publish similar quarterly estimates throughout the year.