Foreclosures

FORECLOSURES....I know that only a small number of my readers are interested in the California housing market, so I'll keep this short. Anyway, a picture is worth a thousand words, and the chart on the right from today's LA Times pretty much speaks for itself. It sure doesn't look like the housing bust has peaked yet, does it?

Here's what passes for optimism these days:
The good news, as seen by [Rich Toscano, a financial advisor with Pacific Capital Associates]: "I don't envision a 'Grapes of Wrath' scenario where we all have to pile in the family car and look for harvesting work."
Oy.

  • CBSNews

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