Foreclosure filings surge in California as Bank of America starts up the shadow inventory clearing machine.

"Last month notice of default filings soared in large part because Bank of America restarted their foreclosure engines. A large part of these were with inflated markets in California. The data in Burbank is stunning and a big difference between today and say the last bubble nearly 20 years ago is that you have a better sense of what is going down behind the scenes. Banks would like you to believe that the entire inventory available is open on the MLS, transparent for the world to see. For Burbank nothing could be further from the truth."