Friday, October 24, 2008

East Bay Leads Historic Foreclosure Wave

By Chris Thompson
Fri, Oct 24, 2008 at 7:15 AM

As Wall Street plunges 400 points right after the opening bell, new numbers show that the housing collapse is even worse than feared. According to the San Francisco Chronicle, banks foreclosed on nearly 80,000 homes around California in the third quarter, leaving families heartbroken and destitute. In the Bay Area, more than 12,000 families lost their homes, an increase in the foreclosure rate by 273 percent over last year. The East Bay accounted for more than half of these, with 6,183 foreclosures in Alameda and Contra Costa Counties. Finally, and tragically, these foreclosures were concentrated in the poorest neighborhoods of Oakland, Pittsburg, and Richmond.

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