Foreclosures in California escalated in March, up a whopping 327% over the same year ago period.

In a disasterous sign for San Bernardino County the figures were grim, with foreclosures up 397.8%. The latest report is slamming the last of the naysayers who were holding out for some glimmer of hope the recession really isn't so.

DataQuick Information Systems reports that statewide 110,000 default notices were sent out to delinquent homeonwers in the first quarter of this year (Jan 1 - Mar 31).

Expect commercial and industrial development to slow and eventually halt as consumer retrenchment intensifies and discretionary spending slows. Everday, consumers are having to divert an ever increasing portion of their income to fuel their vehicles with gas approaching and likely to blow through the $4 per gallon mark. It will be interesting observe just how much current commercial construction slows, and the number of unfinished projects increase.

For more information please refer to the article that ran in business section of this mornings Los Angeles Times.