I read this article from the San Jose Mercury News and it looks to me like Foreclosure trends in California are lagging the nation.

While 29% of foreclosure in the first quarter for the nation were made up of fixed rate mortgage or loans considered only for the most credit worthy California’s number stood at 19%

The increase in fixed rate loan foreclosures is attributed to the overall health of the economy and rise in unemployment.  In this California Loan Modification office this is the number one hardship faced with sub-prime and other mortgage holders.

So, why are the number for fixed rate loan foreclosure so much lower in CA?  Is California’s real estate market lagging the nation, is it because of higher average home prices, and a higher cost of living?