The carnage is running rampant in California these days in the housing market as in some communities there seems to be a home on every street that is in some stage of foreclosure. For example, Stockton is leading the list and one out of every 30 homes is in some stage of foreclosure.
The one thing I am noticing is that some markets are in free fall. I do feel sorry for those who bought honestly in these markets.
Top 10 Worst Metro Areas For Foreclosures, 1st Quarter, 2008
| Rank | City | Foreclosures | 1 Out of Every |
| Stockton, CA | 7,560 | 30 | |
| 2 | Riverside, CA | 37,239 | 38 |
| 3 | Las Vegas, NV | 17,320 | 44 |
| 4 | Bakersfield, CA | 5,113 | 51 |
| 5 | Sacramento, CA | 13,967 | 55 |
| 6 | Detroit, MI | 12,402 | 68 |
| 7 | Phoenix, AZ | 23,135 | 70 |
| 8 | Fort Lauderdale, FL | 10,926 | 73 |
| 9 | San Diego, CA | 15,315 | 74 |
| 10 | Oakland, CA | 12,666 | 75 |
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You should see the amount of short sales here as well. It’s astounding and only 11% of them close.