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The effect on prices won't be as severe, Abbott said, because values already have plunged and there's hearty demand for such properties. Still, he said, "It will keep prices low. . . . It'll just slow the recovery down in general."

Sohn said the Central Valley and Inland Empire, which have suffered some of the worst foreclosure rates in the nation, are dragging down the rest of the state. Coastal California is rebounding well, he said, and the comeback in Asia's economy is helping California's major ports.