10% HOMELESS rate?
"Clearly we've got a crisis," said Democratic Rep. Dennis Cardoza, whose district includes much of the Valley. "You look around this auditorium and think this is America, hard-working family people who go to church on Sunday and want good schools for their kids."
Five percent of Los Banos' 10,000 houses have already foreclosed and another five percent are expected to foreclose in the coming months, Cardoza said.
"You're talking 10 percent of an entire city becoming homeless," Cardoza said. "I don't know how much worse things can get."
How about 15%, 20%, 25%.......................
And public homebuilders keep building specs all over California. When will banks cut them off. Public builders keep losing hundreds of millions of dollars. Executives are paying themselves millions in bonuses while contributing to driving down the values of America's existing homes?