Foreclosures in California: The current housing crisis is more severe than previous corrections
Rani Isaac (CRB 08-006, May 2008)
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.
PDF version (13MB) is available online.
For this and other online California Research Bureau reports, please visit the California Research Bureau page on the California State Library website.