YouTube has am interesting Channel 10 news story on the foreclosure crisis surrounding California, and the United States in general.
The report suggested the California suburb of Sacramento has been one of the hardest hit. In the first three months of 2007, 2% of homeowners in Sacramento defaulted on their loans.
Of those that have defaulted, most have brought their homes in the last four years at the height of the market. There is a new subdivision called the Meadows where one third of the defaults are occurring.
Then there is a single street, Richfield Way. Of the 23 homes on the street, five owners defaulted in the first three months of this year. One house was purchased new for $526,000 less than two years ago. Even at half price, no one placed a bid on the house at the court house auction.