The Pacifica Tribune has been chronicling the growing problem of foreclosures in northern San Mateo County for some time now. But you'd have to look in the legals to see it. The paper accepts legal notices from Pacifica, Daly City, South San Francisco, San Bruno, and Brisbane.
Starting in the summer of 2007, the legals began lengthening in a way I'd never seen before. The weekly auction notices now stretch on for four-plus pages every Wednesday, dwarfing what's left of real estate ads.
How long will it be before the majority of real estate deals are foreclosures and/or banks selling houses they never wanted to own in the first place? In the Central Valley, that is already a reality.
In the chart below are numbers of auction notices in the Pacifica Tribune since July 2007. It is not complete, but you'll see the trend clearly enough.