California Housing Crisis

Yes, it IS worse in California than anywhere else in the country.

Subprime was just the beginning

Wait until California’s prime borrowers start handing their keys to the bank. “Here Comes the Next Mortgage Crisis California is to mortgage lending what Chicago is to pork bellies. For years, that meant it was a place with soaring house values; today, the foreclosure rate across the state is twice the national average and going up fast. Riverside County, outside Los Angeles, may be the foreclosure capital of the country, with a rate close to [...]

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