Housing Slump Could Push California City into Bankruptcy

Posted by Patrick O'Connor on 5/7/08 9:20 am

A 19% drop in housing values and subsequent tax collections helped push Vallejo, CA, a city on the bay between San Francisco and Napa Valley, to the brink of bankruptcy yesterday.  Read Article; Watch Video If a federal judge declares Vallejo insolvent, it will be the largest municipal bankruptcy in the state since the Orange County debacle in 1994, when then Treasurer Robert Citron got smashed by a $1.6 billion derivative loss.

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