50% in CA Who Sold Homes in Past Year Lost Money, Zillow Saysin

what is causing deepening the housing recession ( keep house prices falling )
1) Stricter mortgage standards and ( 25% downpayment and 6% interest rate for 5 year ARM)
2) record foreclosures ( there are so many foreclousure home on sale at lower prices, genuine non-foreclousure seller is forced to lower his price to match 'foreclosure' price in-order to sell )
3) amid climbing unemployment. ( 6.3% , causing 'more sellers' and 'fewer buyers' even employed propspective buyer with decreasing confidence delays/postpones buying decision )

California had 14 of the 17 markets( like San jose, SF , LA ) where more than half of homes sold were sold at a loss, according to Zillow.
asr: meaning 50% sold are people who bought houses from 2005 to 2007 which resulted in loss in todays prices , other may be houses bought earlier that is prior to 2004 ..

U.S. payrolls fell for a 10th straight month in October and have dropped by 1.2 million so far this year, the Labor Department said last week. The jobless rate is at a five-year high of 6.3 percent.

The 30.2 percent of homeowners who sold at a loss at the end of the third quarter compared with 23.7 percent at the end of the second quarter, Zillow said. Almost one in five transactions were foreclosure sales.

California had 14 of the 17 markets where more than half of homes sold were sold at a loss, according to Zillow.