Last night, California said it was going out of business. I don’t know if this means it’s going to be sold back to the Aztecs or what. I suspect it will mean that the health care industry will be transformed since the states will not be able to foot the bill for their obligations.
Also last night, somebody sent me this link to Forbes top ten worst real estate markets. EIGHT of them are in California. The average projected drop in value is around 25%. A connection?
Of course, the tenth most overvalued market is mine in Washington DC. But then again if you read this blog, you knew that. I think some of that overvalue might be from people selling their apartments for $10,000 for the coming inauguration. We’ll see.
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