California Dreaming ?
What were they smoking?
OK, OK, we know
But also consider that this was the home to CountryWide, IndyMac (failed mortgage bucket shops), and seems that some believed that 20% annual home appreciation wasn't a bubble.
Understanding California's Crisis | Newsweek Business | Newsweek.com:
"For a time the whole California economy seemed to revolve around real-estate speculation, with upwards of 50 percent of all new jobs coming from growth in fields like real estate, construction and mortgage brokering."
OK, OK, we know
But also consider that this was the home to CountryWide, IndyMac (failed mortgage bucket shops), and seems that some believed that 20% annual home appreciation wasn't a bubble.
Understanding California's Crisis | Newsweek Business | Newsweek.com:
"For a time the whole California economy seemed to revolve around real-estate speculation, with upwards of 50 percent of all new jobs coming from growth in fields like real estate, construction and mortgage brokering."
posted by JTH at 10:19 AM
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