Abstract: California's housing market has been severely affected by the foreclosure crisis. The state's high foreclosure rate has also contributed to neighborhood destabilization in many communities, resulting in negative spillover effects such as price declines and increased crime and blight. In light of these rapid changes in the housing landscape, this report provides a current "snapshot" of California's housing market in the wake of the foreclosure crisis. It presents historical trends as well as current data on foreclosures, home prices, and affordability, and also considers the state's future housing needs. Given the state's sheer size and dramatic regional variation, the report also digs down into conditions at the regional and county level. The study hopes to inform stakeholders from across the state and help in the development of a strategic response to the drastic changes that have taken place in California's housing market over the past few years.
Author: Laura Choi, Federal Reserve Bank of San Francisco
Date of Publication: September, 2010
Last Updated: September 21, 2010