Foreclosure forecast for 2008 to be revised upward

At the start of the year, the national residential foreclosure forecast was for 2 million for 2008.

Just one not so small problem. We’re already at 1.4 million foreclosures.

And, bank repos as a percentage of foreclosures are up from 24 percent a year ago to 30 percent.

The one possible silver lining. Per the story, California in general and the Central Valley in particular remain Ground Zero.

Why a silver lining?

We might get some people moved out of the more water-unsustainable parts of the Golden State sooner rather than later.

Of course, the dark cloud would be Californios moving out and “discovering” some other place.