Simon says: "Sub-prime lender meltdown, foreclosures everywhere-- what's really happening here on the Westside?"
Several evenings ago I walked past a group of men near a local coffee shop at 9th Street and Wilshire in Santa Monica, talking excitedly about the sub-prime mortgage industry "meltdown." One of the gentlemen was sure it meant a significant increase in foreclosures. And another man said that he was looking forward to finding some great deals on houses he was going to purchase. The way they were talking I began to get the impression that Los Angeles was about to be littered with homeowners down on their luck, losing their homes to the bank.
All of the geniuses who had sat out the "ridiculous" rise in property values View the rest of this article
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