California’s foreclosure problems continue to worsen, according to new report released today. The DataQuick report claims that the number of California homes lost to foreclosure in Q1 of 2008 leaped over 327% from a year-ago. The average number of foreclosures reached over 500 per day. The report says…

 ”Trustees Deeds recorded, or the actual loss of a home to foreclosure, totaled 47,171 during the first quarter. …  Last quarter’s total rose 48.9 percent from 31,676 in the previous quarter, and jumped 327.6 percent from 11,032 in first quarter 2007.” 

The report suggests that California’s foreclosure problems may get worse as problems may spread from the subprime mortgages to prime.

Bear funds that gain in value while the value of US real estate falls includes Profund’s Ultrashort Real Estate ETF (SRS).