Housing: Worst yet to come

Foreclosures hit a record pace in April across the San Fernando Valley, soaring 201 percent from a year earlier and pounding down home prices, researchers said Tuesday.Gregory J. Wilcox in the Daily News.

During April, 608 families lost a home to foreclosure, up from 202 a year earlier and 511 in March, according to the San Fernando Valley Economic Research Center.

Foreclosures are now on pace to break the quarterly record of 1,854 set in the third quarter of 1996 - the most recent time the housing market was in a slump, said Daniel Blake, director of the center at California State University, Northridge.