California foreclosures skyrocket!

Foreclosures hit 17,408 for the three months ended June 30, for an increase of 799 percent from the same period in 2006. These foreclosure numbers well exceed the prior 1996 high.

Rich Toscano, with Pacific Capital Associates in San Diego said: "There will be individual pain for people who made the wrong decisions. We all may end up in a recession."

Downtown San Diego condos