According to the Alliance of Californians for Community Empowerment, formerly known as ACORN, local homeowners will see their collective property values drop by more than $12 billion by the end of 2012.
The report says the value of a home drops by an average of 22 percent when it goes into foreclosure. The report says that area is expected to lose more than $700 million in property value after nearly 5,000 foreclosures.
