is this really true?

these foreclosure numbers for march in california seem really large. even to me.

Foreclosure Radar, a foreclosure listings and software company, today announced that 5,316 California foreclosures were sold at auction in March, representing a 27% increase from February and a 264% increase in the last 6 months. Of the $2B worth of properties sold in March, 4,796 went back to the lender after receiving no bids, representing $1.82B. [….]

“Foreclosures sold at auction now account for 15% of all home sales in California and continue to rise,” said Sean O’Toole, CEO and Founder of Foreclosure Radar. “This isn’t just a story about failing subprime lenders and their customers. At the current pace, foreclosures will be a significant part of the real estate economy. A fact which bears close scrutiny even in areas that are not yet affected.”