California still dominates foreclosure scene

The San Francisco Chronicle reports:

California is still dominating the foreclosure scene.

California cities made up seven of the top 10 metro areas with the highest rates of new foreclosures in the first six months of this year, according to data to be released Thursday by RealtyTrac, which tracks foreclosure properties. That's unchanged from the same time last year.

Foreclosure activity also spiked by more than 25 percent in and around Philadelphia, Chicago and New York. The new inventory could start hitting the market in the next several months, potentially weighing further on home values.

Just a reminder, to those who think the housing recovery is just around the corner.