According to CDCR records, at most 5000 jobs were retained at a cost of $360,000 each.  What appears to have actually happened is Corrections paid 18,229 prison guards $59,000 each without the guards missing a day of work and no job being created.

The state now pays $48,563 a year/$133 per day to keep each prisoner while it contracts out the same service for $23,000 a year, or $63 per day to Arizona prison facilities.

This is just the tip of the iceberg at Corrections.

Nothing new here folks.  Everything in CA is okay…  move along.

AustinBusinessNews reports downtown expected to boom.  Jobs available in comparative government economics.

Related: Top Ten Metros Creating and Sustain Jobs from the Milken Institute. Austin, Fort Hood, Salt Lake City, McAllen (TX), Houston, Durham, Olympia, Huntsville, Lafayette (TX) and Raleigh.  Silicon Valley Whoopadaisy.

More anti-tech, anti-job, and pro get out of CA actions from CA government.

The Failed State state of denial.   Austin, TX anyone?

Federal agencies, like the Bureau of Labor Statistics, are now engaged in intentional misrepresentation of fact, also known in the private industry as fraud.  Did someone say there is a “trust deficit” between the public and Washington D.C.?

The answer is home prices will fall significantly in California.  Home prices at 10x median annual income were not sustainable.   Given the fact that high unemployment will also become a significant factor, home prices will fall to about 2.5x annual income.  This factors in record low mortgage interest rates.

But what happens in cities in California where the population is declining?

The CRE community should become aware of proposed new regulations and related constructive criticism.  Via Bubble Meter.

This isn’t a surprise in a falling commercial market.  This article in the CA Real Estate Journal reviews the CRE market statistics.

3 Oceans has the story, and a roundup of mortgage market news, including interest rates going up next month.

The upward move in home prices in July is very temporary.  Lower inventory spawned the price increase and seasonal buying.  But lenders are holding thousands of REOs off the market, the Shadow Inventory.

Housing Needs Stabilization

For the first time I’m seeing political posts on real estate blogs.

This is a good thing.  I haven’t seen real estate blog post in favor of the current Administration.

I have struggled to understand how search engines work.  I think this article gives good advice to use the “long tail” search, and register related names to maximize the chances your URLs will be picked up by Google, Yahoo, and other search engines.