The First US City To Declare Bankruptcy In the Continuing US Housing Crash: Valejo, California

Posted: May 9, 2008 in Your Shelter
Tags: , , ,

[New York Times] City Council in Bay Area Declares Bankruptcy
” What worries some experts is that some of the problems here are all too common, a steep decrease in property and sales taxes and transfer fees as a result of weakness in the housing market. “
My 2-Bits: In another article on the same topic … Moody’s calls this a ‘unique case.’ Time will tell… [Hat Tip: Cambler!]

  1. Shareen says:

    poor valejo! they’ve always got to pick on the poor pple first 😦

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