1.18.2006

The coast is toast

Home prices likely to fall over next two years in Bay Area and San Diego.

What do you think that will do to California's budget, which is afloat only due to huge increases in property taxes from the real estate boom? And what do you think it will do to the jackass who just paid $600,000 for a condo with a variable rate mortgage he can barely afford? And the bank that lent it to him?

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