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I like to go to RealtyTrac & look at how many foreclosures for sale & the total foreclosures there are in any metro area. Even if they overshoot the total by 50%, we may have a problem.
Zillow gives me the same prespective.
http://www.latimes.com/news/local/la-me-tobar-20120529,0,2735003.column?track=lat-pick
#housing