California Dreaming –under the Bridge with your Shopping Cart
Mortgage crisis is still pummeling California
by Jeff Davis

One almost wonders why in Heaven’s name any of the three remaining candidates would want to be President in the horrendous times that are coming? Whoever gets elected President is going to have to face an appalling mess which can’t be solved by any means our Congress would approve (such as mass-deporting Third World invaders from the US). Just when it had dropped off the media radar for a bit, the housing crisis has made its reappearance.
According to the Los Angeles Times: “The number of California homes lost to foreclosure in the first quarter surged 327% from year-ago levels — reaching an average of more than 500 foreclosures per day — DataQuick said in a report warning that the widening foreclosure problem could ’spread beyond the current categories of dicey mortgages, and into mainstream home loans.’ ”
500 foreclosures per day? That’s a lot of people losing their homes! And this is only one state, California. What happens when all these defaults start knocking over other dominoes? We’ve heard of Countrywide, Bear Stearns and Washington Mutual getting into trouble, but what about the construction industry? There’s no need for new houses if they can’t sell the last batch they built. (more…)
















