Watching the bubble burst in: Lakewood
News item: In a story about economic anxiety in Lakewood, the L.A. Times' Kimi Yoshino talked to Frank Gutierrez, an 86-year-old retiree:
Anyone should have seen a financial meltdown coming, Gutierrez said: "A man making $50,000 a year buying a $500,000 house? How the hell is he going to pay for it?"
Two cents: This guy should have been running the Federal Reserve, or Countrywide Financial.
About Lakewood: Median home prices in August in Lakewood's three Zip Codes ranged from $343,000 to $409,000, representing annual declines of 20% to 30%, according to MDA DataQuick. The research firm counted 80 foreclosures in Lakewood in the second quarter of 2008, up from 23 in the year-earlier period.
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Photo Credit: L.A. Times