patrick.net

but but but I thought the bottom was 2009 ?

"Under the spreading chestnut tree I sold you and you sold me:
There lie they, and here lie we
Under the spreading chestnut tree."

More specifically...."The number of Bay Area homeowners who entered the first stage of foreclosure in January spiked by almost 40 percent from a year ago as banks once again gear up the foreclosure machine after hitting the pause button."

However...."In the Bay Area, 1,364 foreclosed homes were taken back by banks last month, a 21.5 percent increase from December, but a 12.1 percent decline from a year ago."

This does not mean prices will decline another 40%... prices look to be slowly declining but possibly still close to the last bottom. We shall see what happens

It's a shame the article provides no information about Santa Clara County and lumps San Mateo County in with Alameda and Contra Costa.

Maybe this is why they left off specifics:
http://www.realtytrac.com/trendcenter/ca/santa+clara+county-trend.html
http://www.realtytrac.com/trendcenter/ca/san+mateo+county-trend.html

Houses in foreclosure:
Cupertino: 1 in 3500
Sunnyvale: 1 in 900
Saratoga: 1 in 900
MV: 1 in 1200
Los Altos: 1 in 2700
PA: 1 in 750

Yes F&F are going to make less loans. I think we all know that means FHA will make exactly that many more loans.....and FHA is the subprime lender with weaker standards.