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Foreclosures in California: The Current Housing Crisis is More Severe Than Previous Corrections

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Publication Date: May 2008

Publisher(s): California State Library. California Research Bureau

Author(s): Rani Isaac

Topic: Banking and finance (Credit and loans)
Social conditions (Housing)

Keywords: Mortgages; Foreclosure

Type: Report

Coverage: California

Abstract:

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.