The number of California legislators suffering in the wake of bad real estate purchases following their 2006 elections. At that time, many state legislators opted to buy property near the state capitol to use while they were at work instead of renting, as had been the traditional method. 10 of the politicians are now the owners of distressed properties, with five already opting for foreclosures or short sales. One is staying afloat thanks to a campaign donor who is paying the bills, while others are renting out rooms.
Category: Real Estate