I lived in the Auburn area (45 minutes drive north of Sacramento) for most of 1980-1993.
I remember talking one day to a journalist who wanted to quit the Sacramento Bee and write books full-time. He was investigating writing a book on gangs. He said many gangsters had moved to the Sacramento area for the affordable housing.
I worked construction in the Sacramento area from 1985-1988. Business was booming. Smog was getting more thick.
When I moved to Auburn in 1980, there was almost no smog. By 1993, it hung heavy in obnoxious clouds over the city.
More than 200,000 homeowners in Sacramento were “underwater” on their homes during the third quarter, meaning they owe more on their mortgages than their homes are worth.
That works out to 42 percent of all residences with a mortgage in the four-county region.
But that number, reported by mortgage debt information firm CoreLogic, is slowly dropping as the Sacramento region pulls out of the recession.
By September 2009, 44.5 percent of homeowners were underwater. Another 4.9 percent of mortgage holders, or 24,000, were close to having negative equity on their homes.
Nationwide, negative equity dropped for a third-consecutive quarter. CoreLogic reported 22.5 percent, or 10.8 million residential properties with mortgages, were in negative equity at the end of the third quarter.