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Morning Mortgage Meltdown: California Bottoms Out

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Has the California housing market hit bottom? June was the 18th month in row that the Sunshine Golden State (Golden, Sunshine, whatever ... )led the country in both default notices and bank seizures. There may be a bright side here: The increased sales of foreclosed homes could be a positive trend for the market, as economists believe that we won't reestablish a stable market until all those homes are sold off. With so many bank-owned homes in the state, and with California's often optimistic attitude towards real estate, some think this system might be flushed by 2010. [Bloomberg]