The California city of Vallejo (population 117,000) has just made history by opting for Chapter 9 bankruptcy because of severe tax erosion resulting from a 26% decline in local house prices. Half Moon Bay might very well be next.
Orange County board chief John Moorlach is quoted as saying that "this is the tip of the iceberg; everybody is going to line up for Chapter 9 in California."
California Dreaming is about to become a nightmare!
Tuesday, May 13, 2008
California Dreaming - Hardly!
Posted by Robert Otto at 10:26 p.m.
Labels: half moon bay, orange county board chief John Moorlach, vallejo california in chapter 9 bankruptcy
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