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Frost
Master ST
Joined: 15 Jul 2008
Posts: 2488
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70.25 Experience
Location: Melboring
Mon Mar 02, 2009 4:24 pm
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Real Estate burst causing headache for mayor:
by Jeff Brodovsky, Senior Political Correspondent, Sacramento Bee
The crashing real estate market in Sacramento County has caused a unseen wave of issues for the embattled Mayor, Christopher Shiff, as he struggles with plummeting property tax revenues. Already, there has been talk amongst the mayor's staff of cutting police, fire, and ambulatory services in an effort to cut expenses. This has provoke a fierce reaction from the Fire Marshall:
"Oh I see, cut our funding so the Mayor can get a bonus this year. Is that how it works now?"
Unnamed sources within the mayor's office defend the cuts, saying that they are running low on things to save money on, and everyone has to help in these tough economic times.
On the good news side of things, it's a buyer's market. Over 70% of homes purchased in the past two months have been foreclosed, purchased sometimes as low as $80,000. Contrast that with the median home price of a few years ago, $356,000.
Wells Fargo's, a popular bank, PR manager had this to say:
"Please buy. We need to help get this economy going. Buy a house, get a mortgage. The more money in the banks, the faster this economy will flourish."
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[i] contributing reporters: Harold Moscovitch and Judy Telmin
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