Via 2blowhards..... California home values really took a dive in February. What also caught my eye were the actual prices.....
The median price of an existing, single-family detached home in California during February 2008 was $409,240, a 26.2 percent decrease from the revised $554,280 median for February 2007, C.A.R. reported. The February 2008 median price fell 4.8 percent compared with January’s revised $429,790 median price.
With those prices I can understand why some people would be tempted by a high-risk ARM. It might be the only way they'd even have a chance to own a home.
Ah well, it could be worse......there's always Zimbabwe (via Andrew Sullivan)
After a catastrophic few years that have seen the economy crumble and inflation soar to 200,000 percent, Mugabe's most powerful political weapon – fear – appears to be eroding. To understand what 200,000 percent inflation means, a journalist friend I was traveling with, N., said that on Friday, he had lunch at a hotel in Harare , where a local beer cost 2 million Zimbabwean dollars (less than $1). He passed by the hotel after work the same day and the same beer was going for more than 4 million.