Foreclosures in California

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.”

Hahahahaha!

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 milesĀ², CA = 163,696 milesĀ²) (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.

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