California Real Estate News:
Legislators Not Immune To Burst
Real Estate Bubble
In Other California Real Estate News, Several Sacramento Legislators Are In Foreclosure Trouble
Remember 2006? It was just before the "bubble" burst and brought so many folks tumbling back to reality from wherever it was they were located before. Here's a bit of real estate news from Sacramento that finds several legislators in foreclosure trouble. They were elected at the hight of "market euphoria" time ... when everyone seemingly believed that market forces had somehow been miraculously changed and values would never again go down ... and they bought Sacramento residences (instead of renting) as investments and centers of operation.
Well ... sorry. Bad timing, guys. Market behavior, of course, had not been altered forever, and these legislators are caught in the same vice as millions of their constituents.
Here's an interesting article from Patrick McGreevy of the Los Angeles Times:
Real estate bubble bursts for California lawmakers too
"In filings required by the state, Mendoza reported receiving $6000 each from Groom's daughter and Beatriz Ricartti, a Los Angeles businesswoman who subsequently donated to Mendoza's political coffers. Covina physician Shura Moreno invested $30000."
http://www.latimes.com/news/local/la-me-legislature-mortgage-20120806,0,3351622.story
California Real Estate News:
More Indications We're Not Yet Done With Foreclosures
Analysts of California real estate news have been saying that we're not out of the woods yet on SFR foreclosures. There is a huge buildup of properties that have yet to "go through the system". These legislators in Sacramento are dealing with the same thing that millions of others have over the last few years. And ... we're not done yet.
California Real Estate News
