Jim the Realtor is back with a bunch of foreclosures, REOs and short sales on the market in North County San Diego.  Some of these places look pretty nice.  In this particular video, the property is in Carmel Valley and on the market for $1.249 million. It is interesting for a couple of reasons.
The guy [...]

Here is some anecdotal evidence of the return of euphoria  in housing via Jim the Realtor.  Check out these videos of Carlsbad (North County section of San Diego) and the surrounding community to see what I mean – many but not all of these are going for well over list price. All of these are [...]

This came in overnight via the FT.  Most of the shortfall in revenue is made up through spending cuts.  Below are the relevant paragraphs:
The agreement involves cutting nearly $6bn from schools and community colleges and close to $3bn from the state’s university system, although Mr Schwarzenegger said education cuts would be fully “refunded”.
An additional $1.3bn [...]

The bloggers at bloggers at UMKC’s economics blog have been making the case that California’s IOUs are a currency.  Randy Wray’s entry last Monday was particularly provocative because he suggests a movement to loosen national government power is supporting similar moves in other jurisdictions. Wray writes:
Some commentators have argued that the proposed California "warrants" are [...]

For quite some time now I have been of the view that there are a number of striking similarities between the goings on in Ireland and those in California, none of them good.  Both locations have seen extraordinary rises in home prices turn to massive busts. As a result, both locales have seen depression-like collapses [...]

This can’t be good.

A group of the biggest U.S. banks said they would stop accepting California’s IOUs on Friday, adding pressure on the state to close its $26.3 billion annual budget gap.
The development is the latest twist in California’s struggle to deal with the effects of the recession. After state leaders failed to agree on [...]

This is effectively bankruptcy. Bloomberg reports.
California is poised to begin its new fiscal year tomorrow without a plan in place to close a $24 billion deficit as the state prepares to conserve cash by issuing IOUs to vendors who are owed money.
Republican Governor Arnold Schwarzenegger and Democrats who control both chambers of the Legislature are [...]

The Washington Post is reporting that the Obama administration has rejected initial pleas from the State of California for U.S. Government aid. However, the post report reveals that Tim Geithner told California it must make get its fiscal house in order, suggesting that aid would be forthcoming if it did so.

This case is going to the Supreme Court of the United States.  It will be a landmark ruling when the issue is decided. Take a look at what David Boies has to say about the issue.

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You can see this coming.  It is looming and has been for some  time.  Remember that California is the biggest loser in the housing crash and it has one of the highest unemployment rates in the United States.  I have been warning that this would be  a problem since last Fall when it was evident [...]