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Back to the trenchant trenches. More bad housing news came out of California. The loan default rate spiked 80% in the first quarter, according to DataQuick. This is a precursor to a HUGE spike in foreclosures (defaults are the first step down this road) and a strong indicator that the real estate market in California still has another leg down. Even wealthy spots like Santa Clara and Contra Costa counties are showing mid-double digit increases in default notifications.

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Doomsday Scenario: 80% home default spike in CA, Freddie Mac CFO suicide originally appeared on BloggingStocks on Wed, 22 Apr 2009 17:30:00 EST. Please see our terms for use of feeds.

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