SO CAL BLUES….I don’t want to start harping on every new front-page story about how sucky the economy is — you guys can all read the news as well as I can — but I do live in California and I can hardly avoid getting pretty nervous at stuff like this:
A record 31,676 Californians lost their homes to foreclosure in the three months ended Dec. 31, the third-straight quarter of record-breaking foreclosures, records released today show.
Foreclosures were more than double the level of the worst quarter of the last real estate downturn.
My house lost a quarter of its value in the last real estate downturn here (I bought it for $170K in 1990 and sold it five years later for $130K), so I guess I’m more sensitive than most to this stuff. Still, if this downturn is twice as bad as that one, we’re in big trouble here in Southern California. I hope the rest of you guys are doing a little better.