977,000 Mortgages in California are Toxic Waste

With any more spinning we would be in a financial carousel. New home sales data was released on Monday and showed a “whopping” increase in sales. This is the primary headline on all mainstream reports. Little is mentioned that the median price of a new home fell to $206,200 in June from $219,000 in May (small caveat). A drop of over $13,000 in one month apparently is not important enough to discuss...

...The increase in sales is good but is largely being driven by massive price discounts and foreclosures which dominate in many markets including California...

Dr. Housing Bubble: 977,000 Mortgages in California are Toxic Waste