Happy New Year to all. Enjoy the day and use the comments for whatever is on your minds.

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Nationally there are several themes that keep recurring. The first big story is how the subprime mortgage crisis is only the tip of the ice berg. Apparently, it’s not just the subprime mortgage holders seeing a rise in foreclosures. The so called prime mortgages, often sold to “flipper” real estate investors are starting to alarm the financial market watchers. If there’s no secondary market to sell real estate backed securities, the availability of credit will shrink leading to less real estate transactions.

Which leads to the next big story emerging, which is the nationwide municipal budget meltdown. The LA Times ran a story yesterday about the impact on principally, high growth areas:

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