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Foreclosure-Buying: Still Popular!

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Who are all these people buying foreclosures, anyway? Via the WSJ, the latest numbers from the California Association of Realtors, which reported yesterday that "existing-home sales in the state were up 83% in February from the previous year, as the median home price was down some 40%, helping to shrink inventories to about a six months' supply from 15 months last year." And more via Bloomberg, which cites the latest news from number crunchers MDA DataQuick: "Foreclosures accounted for 58 percent of existing California home sales in February, compared with 33 percent a year earlier, according to San Diego-based MDA DataQuick. Inland California, where prices are lower than coastal areas, accounted for half the state’s mortgage defaults in the last three months of 2008, MDA DataQuick said." [WSJ/Bloomberg]