CA Recovery Continues to Slip Away

Russ Steele

The Central Central Valley Business Times has the story

California foreclosure-related sales accounted for 43 percent of the state’s total residential property sales in the fourth quarter, the second highest percentage among the states, trailing only Nevada’s 56 percent.

Third parties purchased a total of 246,780 homes in foreclosure or bank-owned in California during all of 2011, the most of any state and up 2 percent from 2010.

The story concludes:

California foreclosure-related sales accounted for 43 percent of the state’s total residential property sales in the fourth quarter, the second highest percentage among the states, trailing only Nevada’s 56 percent.

Third parties purchased a total of 246,780 homes in foreclosure or bank-owned in California during all of 2011, the most of any state and up 2 percent from 2010.

CA  real unemployment rate is approximately 20%.  The current cash deficit is $21 billion, Brown is seeking a tax increase of $215 billion over twelve years.  More taxes are not going to stop CA’s slide into recession, or accelerate a recovery any time soon.

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About Russ Steele
Freelance writer and climate change blogger. Russ spent twenty years in the Air Force as a navigator specializing in electronics warfare and digital systems. After his service he was employed for sixteen years as concept developer for TRW, an aerospace and automotive company, and then was CEO of a non-profit Internet provider for 18 months. Russ's articles have appeared in Comstock's Business, Capitol Journal, Trailer Life, Monitoring Times, and Idaho Magazine.

One Response to CA Recovery Continues to Slip Away

  1. Sean says:

    At the WSJ, there is talk about the Facebook IPO and the mirage of financial salvation, http://online.wsj.com/article/SB10001424052970203986604577255623736434252.html?mod=WSJ_Opinion_AboveLEFTTop. Unfortunately, $5 billion over 5 years doesn’t make much of a dent.

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