Yes, 116 percent sounds like a high number – and it is – but when placed in context and compared with much of the country, it’s not too bad.

First of all, it’s important to remember that there have been over two years of moratoriums and many of these are ending. Of course, home values have seen a huge leap during this same time period so a sudden wave of foreclosures isn’t likely.

Moreover, foreclosures are down 9 percent in California over the last two years and nationally they are down 1 percent.