California home prices fall 26 percent amid foreclosures

A glut of foreclosed homes helped prompt a 26 percent plunge in California home prices in March, highlighting a trend that experts said is likely to continue as low, introductory interest rates expire for people who bought near the height of the housing boom…
The nationwide foreclosure glut is expected to worsen in May and June as two- and three-year introductory interest rates expire on homes purchased in 2005 and 2006, said Rick Sharga, vice president of marketing at RealtyTrac, a research firm.

For complete Businessweek.com 4/17/08 article click here

April 25, 2008 | Filed Under real estate 

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