California Leads U.S. in Defaults, Home-Price Decline

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The area has been one of the hardest hit by the housing- market slump in Northern California. Home prices in Solano County dropped 21 percent in February from a year earlier, according to La Jolla, California-based DataQuick, which tracks the property market. Almost half of the estimated 334,500 home sales in 2008 will be trustee sales, according to the Norris Group, a Riverside-based firm that buys and sells foreclosed properties.

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