California facing $20 billion budget deficits deep into 2016 – $25 billion budget deficit starring California in the face for the next fiscal year and overly optimistic economic predictions.
California, the wealthiest state in our nation is facing some Herculean financial troubles yet again. As the elections came to a dramatic close, it was announced that a $6 billion budget deficit emerged from “miscalculations” of potential revenue streams. The current Governor was overly optimistic in many respects including an expectation that the Federal government […]
The stalling of the California housing market – California Foreclosure Prevention Act has institutionalized a drawn out foreclosure process. 470,000 MLS listed and distressed homes in the state. California construction industry employing the same number of workers as it did in the early 1990s.
The state of California continues to grapple with the collapse of the enormous housing bubble. The Governor earlier in the week called for a special emergency session to deal with a $6 billion deficit that emerged just weeks after the state budget was signed and the ink dried. States with a large dependence on the […]
California MLS inventory up 25 percent since April. MLS public data at 144,000 but 742,000 mortgages in California are in foreclosure or one payment behind.
MLS inventory for California has increased by 25 percent since April of this year. Part of this has to do with more foreclosures and short sales trickling their way onto the market. It also has to do with sales declining because of tax credit expiration fatigue. But what is the real inventory if banks were […]
California state budget and fiscal year problems assure a weak housing market and poor employment conditions for another fiscal year. $3 billion miss in April tax revenues, selling electronic freeway ad space, and 80 percent of income from volatile sources.
The state of California is entering the new fiscal year budget wrangling period. What the legislature in Sacramento was hoping for in April with generous tax revenues actually turned out to be an absolute bust. The California housing bubble bursting is still having deep ramifications for the future of the state. Unfortunately what we are […]
The $2.3 Trillion State and Local Government Debt Monster – California Pension Systems on Unsupportable Path with $500 Billion Projected Shortfall. CalPERS, CalSTRS, and UCRS.
Much of the focus on government debt over the past few years has revolved around the federal government. No doubt, this is a stunningly large amount. Yet the government has the ability to finance this debt through the U.S. Treasury and Federal Reserve with a buffet of choices. You have direct bailouts to Wall Street, […]
Real Estate Still Overpriced in California in many Markets and Paying your Mortgage with Unemployment Benefits – Examining Housing Values through Employment and Local Market Trends. Los Angeles has a 4.4 Income to Home Price Ratio even after a 42 Percent Price Decline.
As housing prices have collapsed from their halcyon bubble peak, many are peering out into the foreclosure landscape that is the current U.S. real estate market and are wondering if prices now fall in line with economic fundamentals. The problem in many areas across the U.S. isn’t so much with housing prices but actual employment […]
The Unemployment and Jobless Recovery Myth – California Average Underemployment Rate for 2009 at 21 Percent. The Middle Class Destruction through Unemployment Corporate Jargon.
It is amazing how many financial analysts usually from the too big to fail banks have gone onto the media circuit to claim that employment is always a lagging indicator in economic recoveries. They preach this belief as if it were a law like thermodynamics. These same people who never envisioned a stock market collapse […]