Sacramento Flooded By Underwater Homes

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.

Here’s a depressing report from Sacramento:

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.

About Luke Ford

Raised a Seventh-Day Adventist at Avondale College in Australia, Luke Ford moved to California in 1977. He graduated from Placer High School in 1984, reported the news at KAHI/KHYL radio for three years, attended Sierra College and UCLA, was largely bedridden by Chronic Fatigue Syndrome for six years, and converted to Judaism in 1993. From 1997-2007, Luke made his living from blogging. Living by Beverly Hills (Alexander90210.com), he now teaches the Alexander Technique (moving the way the body likes to move). Lessons cost $100 each and last about 45 minutes. In 2011, Luke completed a three-year teaching course at the Alexander Training Institute of Los Angeles. His personal Alexander Technique website is Alexander90210.com. Luke is the author of five books, including: » The Producers: Profiles in Frustration » Yesterday’s News Tomorrow: Inside American Jewish Journalism
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