Suzanne Baker and her siblings bought a foreclosed home in Atlanta two years ago, added a fourth bathroom, then waited for values to rebound before considering a sale. Now, she says, they’re ready to cash in.
Mark Takano saw how subprime mortgages devastated his hometown of Riverside, California, after Wall Street helped inflate a housing bubble that burst and left a trail of foreclosures among the worst in the U.S.
Long lines of tractor-trailers filled with electronics, apparel and home-improvement goods crowd Interstate 10 through Southern California’s Inland Empire. The trucks are headed for a growing number of warehouses that are displacing the citrus groves that once dominated the area.
California cities are free to block medical marijuana dispensaries from setting up shop within their borders, the California Supreme Court said in a ruling that could affect hundreds of pot stores around the state.
Southern California residential rents are likely to rise for two years as home prices climb and apartments remain in short supply, according to a study by the University of Southern California’s Lusk Center for Real Estate and the state’s Realtors group.
California voters approved Proposition 13 to rein in property taxes that had doubled in 10 years. More than three decades later, that rebellion has mortgaged the state’s future, saddling it with the nation’s highest debt and lowest credit rating.
Former officers and directors of First Centennial Bank were sued for negligence by the Federal Deposit Insurance Corp., which said it had to pay $163 million to depositors after the bank failed in January 2009.