This May 2008 report concludes that "the current housing crisis is more severe than previous corrections." It estimates "foreclosures will affect between 3.0 and 7.8 percent of all homeowners with mortgages in the state by 2009, or by 2010, if the cycle is drawn out." Includes charts, discussion of the data and the forecast, and related material. Opens directly into a PDF file. From the California Research Bureau.