The 67% increase in foreclosures is a totally meaningless number unless it is placed in the context of a hard number for last year. Exactly. And with record low interest rates and 30% appreciation, just how many homes were going into foreclosure. Would you believe record low foreclosures? Of course. Oh, but that won't stop the scare-monkeys from using stats.
That people can believe
30% appreciation is normal or sustainable is what is scary. 30% either means hyperinflation, or insane bubble and both are bad for teh country. I think if you look back over ~100 years, housing prices have typically increased 2% over inflation. Just a reality check on what 30% appreciation looks like over a few years on a $500,000 house (around the median price in Los Angeles).
2006 $500,000
2007 $650,000
2008 $845,000
2009 $1,098,500
2010 $1,428,050
2011 $1,856,465
2012 $2,413,405
2013 $3,137,426
2014 $4,078,654
2015 $5,302,250
2016 $6,892,925
2017 $8,960,802
2018 $11,649,043
2019 $15,143,755
2020 $19,686,882