Relevant:
- California property values fall for the first time in 76 years
- California Property Tax Values Shrink 1.8% in `Historic' Slump, Deflation
- Ponzi Bank Financing of "Wealth Management Products" in China Backed by Dubious Real Estate Projects; "Golden Elephants", Poway, and Pay Option ARMs
- California Leads Way To Consumer Bust
- California $1M-Plus Home Sales Drop 24%
2012-08-07 — blogspot.com
Poway California, population 47,811 as of 2010, has placed an enormous bet on rising home prices and tax revenues. Poway borrowed $105 million but will not start to pay that amount back until 2033 at which time they will owe $877 million in interest.
Clearly this would be fiscal insanity anywhere, but it is especially true in California given Proposition 13 that caps property taxes.
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