Thursday, July 12, 2012

TRENDING: Cities that declare bankruptcy – San Bernardino makes 3

I was talking with my sister who owns a house in San Bernardino yesterday, when she asked me if I heard the city was declaring bankruptcy? I didn’t and was surprised.

Her house, valued at $500,000 before the recession hit, has been reduced in value to $250,000.

“I’m getting out of here,” she assured me.

I asked where she would move to? Her answer was typical of her, “Anywhere but here!”

Let’s see now, Stockton and Mammoth Lakes both declared bankruptcy recently, so San Bernardino makes three in California in the last 30 days…a trend? 

in the news today..

“San Bernardino became the third California city in less than two weeks to file municipal bankruptcy protection Tuesday night when the city council voted to make the move in the face of a $45-million budget shortfall.

Shortly before the council's vote, Interim Mayor Andrea Miller recommended the city of 209,000 seek bankruptcy protection due, in part, to its inability to make payroll over the next three months, the Los Angeles Times reported.(source)

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