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Watching the bubble burst in: Lakewood

October 6, 2008 | 11:48 am

K88okoncNews 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.

--Peter Viles

Your thoughts? Comments? E-mail story tips to Peter Viles
Photo Credit: L.A. Times

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