California

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California

Percentage of total home sales that were foreclosures: 41%*
For the same period in 2007: 9%
Q2 foreclosure sales: 124,270
Q2 home sales: 302,069
Annual home sales change: -11%

*All data from second quarter of 2008

Editor's Note: The second-quarter foreclosure sales are estimates and include sales of bank-owned properties, auction sales, and short sales (where a lender agrees to accept less than the outstanding loan amount to avoid a foreclosure). The second-quarter existing-home sales incorporate June estimates, based on pending home sales, and results already in the books for April and May. The annual home sales change compares sales in the second quarter of 2008 to the same period in 2007. The national average of percentage of total home sales that were foreclosures in Q2 was 18%.

Source: Moody’s Economy.com