According to RealtyTrac, more than a quarter of the top 500 leading foreclosure zip codes are in California. Among them, seven East Bay zip codes are represented. Antioch led the region with two zip codes for a total of 837 foreclosures during the three months that ended June 15. The other zip codes are located in Oakland (94603 and 94605 with 412 total foreclosures), San Pablo (94806 with 260), Richmond (94804 with 223), and Oakley (94561 with 200). Sacramento had the overall highest number of foreclosures in California, with twelve zip codes accounting for 3,726 foreclosures.

On the flip side, according to the Coldwell Banker Previews International Luxury Survey, more than half of affluent homeowners expect their property value to appreciate during the next year. (The study polled 301 homeowners with million-dollar homes - two million dollars in California - and more than a million dollars in investable assets.) The luxury market has held up nationwide during the recent slump. It may also confirm a basic contrarian investing impulse found among many of the wealthy: the best time to buy is when others are selling: 40% polled say they may buy a second home this year.