Data show foreclosures make up half homes of homes sold in Calif. -- MercedSunStar.com :: Merced News, Real Estate, Jobs, Cars and more -: "A growing share of home sales are from foreclosures, especially in states hardest hit by the housing bust. In some parts of California lately, nearly 50 percent of home sales come from foreclosed houses. The trend, which is putting additional downward pressure on home prices, is most notable there and in Nevada, Colorado, Tennessee and Michigan, but is also evident in Ohio, Georgia, Florida and Arizona, according to an Associated Press comparison of 2007 sales and foreclosure data. In Nevada, for example, 17.5 percent of home sales were from foreclosures, more than quadruple the number in 2006."

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This is astounding. Where is the bottom of the real estate bust, and can we even see it from here? And how about the HOAs with all these foreclosed homes? What is happening to their finances?

Thanks to Fred Pilot for the link.