California foreclosure “surge”: Up 327% from ’07 levels
The number of California homes lost to foreclosure in the first quarter surged 327% from year-ago levels — reaching an average of more than 500 foreclosures per day — DataQuick said in a report warning that the widening foreclosure problem could “spread beyond the current categories of dicey mortgages, and into mainstream home loans.”
I’m sorry, I find that absolutely hilarious.
How can I be so insensitive? How can I be so mean? Well, come on. These people bought incredibly overpriced houses.
As of right now, the median sales price in California is $452,000. The average listing price is $683,604. They’re only beat out in sales price by Hawaii and DC, two markets impacted by limited geography. (HI + DC = 10,999.3 miles², CA = 163,696 miles²) (Source)
If you make a poor decision and buy an overpriced house in an overinflated market with an underwhelming salary, you deserve whatever comes to you when it all falls down.
And I will laugh.