Wednesday, May 7, 2008, by Sarah Hromack
Did you know that UC Berkeley has its own Center for Real Estate? Well, it does, and according to a recent prediction issued from its hallowed halls, California home foreclosure rates will continue to rise for the next 18 months. Brutal, we tell you. Brutal. One in every 78 California households has foreclosed over the past year— that's 169,831 filings— and home prices have dropped by 12 percent. RealtyTrac lent its expertise to the report, too:
"There are tens of billions of dollars worth of adjustable rate sub-prime loans that are going to reset through the second quarter of this year. They're going to go into default and foreclosure over the third quarter, forth quarter, even the first quarter of next year, so we're nowhere out of the woods yet," said its marketing guru. As we know, San Francisco has weathered the storm much better than the average bear, but real estate gurus expect over a million foreclosed homes to hit the market before the end of the year, causing home prices to drop even further. Good times all around.
· Will the real estate market bottom out? [ABC news]
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