According to this story in the Mercury News, home foreclosures outpaced home sales.
Some shocking statistical trends from Dataquick:
Homes Sold: 25,585
Homes Foreclosed: 12,783
Homes Sold: 19,145
Homes Foreclosed: 19,821
Perhaps most horrifying is the fact that the 19,821 foreclosures in January represented some $8 billion in mortgage loans in the state! Nevermind the credit status of the borrowers, how in the heck will the banks and mortgage lenders ever get that money back?
Chris Thornberg of Beacon Economics research and consulting firm:
"There's no way a market that slow can clear these kinds of foreclosures," "What that number says to me is you have more homes getting dumped on the market in terms of foreclosures than there is demand for homes."