June 12, 1991 |
"California isn't New England." How many times have Golden State investors recited that statement (or prayer) since the recession hit? The chief concern until recently has been over real estate prices. Now, the worries are shifting to an investment just as close to many folks' hearts: tax-exempt municipal bonds. With last week's bankruptcy filing of Connecticut's largest city, Bridgeport, people who own the bonds of other economically stressed cities, counties and states got a wake-up call.
CALIFORNIA | LOCAL
May 19, 1991 |
When Robert and Leah Morin bought their house in Rancho Santa Margarita two years ago, they knew some of their tax payments would help finance local roads, schools and fire stations. But, they said, they had no idea their 1991 property tax bill could climb to $3,620--four times what they paid in Mission Viejo. Steve and Martha Badger, who live near the Morins, tell a similar story about their property taxes quadrupling since they moved from an El Toro condominium two years ago.
September 11, 1992 |
When homeowners Susan and Marvin Wait joined three neighbors in this northern San Diego County town in suing their subdivision developer, the last thing they expected was to lose their very homes in the process. But that is the prospect they face. Not only was their lawsuit rejected out of hand, but they have been ordered to pay their developer's legal defense costs of $226,843. Split it three ways, and going to court for these people will have been by way of the cleaners.
CALIFORNIA | LOCAL
May 16, 1988 |
Karen and Jim Tribbey had been living in their new, pale blue Cape Cod-style home in Palmdale about three months when they found out about the $11-million water bill. The young couple looked for two years before they found a nice home they could afford, even if it meant commuting nearly 100 miles a day to their jobs in Los Angeles, and even if, as Karen put it, "There's nothing out here."
March 26, 1989 |
Barely a week ago, Janet and Kent Moser piled the last of their belongings into a rented trailer, turned in the keys to their Van Nuys apartment and headed northeast for the high desert to their new home in Palmdale. Recovering from the trauma of relocation, the Mosers and their four young children are experiencing a new sense of freedom. For Jonathan, 7, it means playing ball in a large back yard instead of a cramped parking lot.