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The RealtyTrac reports that one in every 138 housing units in California received a foreclosure notice last month. Foreclosure activity in the state is up 42% from April of last year. The trend has to hurt home prices, and the state tax base. That will force California to try to raise $15 billion through bond offerings and request that the US government back the paper.
Bloomberg is reporting, “California is unlikely to run out of cash and go broke as a patchwork of federal aid, shifted allocations and delayed spending keep it solvent at least through September, according to Philip J. Fischer, municipal strategist at Bank of America Corp.’s Merrill Lynch & Co.”
The state may be fine, but American taxpayers will end up backing another crippled horse.
Douglas A. McIntyre
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