According to the spreadsheet linked to above, there were 1,954 foreclosures in Sacramento County, up from 1,674 in December '06. The 400% increase is from January '06 to January '07. One year ago there were less than 500 forclosures.

I agree with the second statement you made in regards to the level of irresponsibility with the lender and the borrower.  My partner and I are renting right now because we want  to make an educated and financially sound decision when we choose to purchase a house in a few years.  Many of my friends seemed to have hopped on the "let's-buy-a-house" bandwagon of the past few years and got all types of loans (many ARMs).  Lenders generally did not feel the need to fully educate them on the ramifications of whatever loan was offered; they just wanted the sale.  Now that the market is cooling (chilling in some parts of the country), many of the borrowers are unable to make their payments and are complaining.

Capriciousness in making one of the biggest decisions is never a good thing.  Now many people are reaping what they sowed.