Which Way, L.A.?
The Wall Street Crisis Comes Back Home
Half of the southland's home sales last month were foreclosures, and tighter credit makes it harder to get loans. Plus, the latest on Prop 8 which would outlaw same-sex marriage, and there's still no state budget as the Governor battles with legislators of both parties.
By Warren Olney • • 30m ListenThe housing market is where the Wall Street crisis began, and it's not close to being over. Half the home sales last month in Southern California were due to foreclosures. Prices are 34% lower than last year, but tighter credit requirements make it much harder to get loans. Also, the latest poll on Proposition 8 which would outlaw same-sex marriage, and there's still no state budget as the Governor battles with legislators of both parties.
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In this episode
3 storiesBudget Veto Threat Looms as Finger Pointing Begins
Governor Schwarzenegger broke up a meeting with legislative leaders yesterday afternoon for a public appearance in Fresno. He went to what’s become the Republican heartland to rail against provisions of the state spending plan he’s threatened to veto. It’s now 80 days since the budget was due—and every day is an all-time record.
Read the story6 minWill Falling Housing Prices Kick-start the Real Estate Market?
Home prices in Southern California continue to fall. In August, the median price dropped $18,000 to $330,000 — 34% lower than one year ago.
Read the story10 minAnti-Gay Marriage Measure Failing in New Poll
When the California Supreme Court ruled that gays and lesbians have the constitutional right to get married, opponents drafted a measure for this November's ballot. But, at the moment, Proposition 8 doesn't appeal to the voters.
Read the story8 min
