On November 26, 2012, ForeclosureRadar recorded its millionth California
foreclosure sale since we began collecting the data in January 2007.
While the foreclosure process can be painful and unpleasant, this
milestone also means a million underwater homeowners have escaped a
prison of debt.
In addition, the California real estate market has made
real progress towards eliminating some of the trillions of dollars in
excess mortgage debt accumulated nationally during the bubble years.
Rather than being the problem, foreclosures are part of the solution and
have helped the California housing market make steady strides toward
recovery.
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