California, Housing Crisis | featured news

The GOP gubernatorial candidate promises to cut spending and suggests that lower taxes and less regulation will spur business. But experts say the bleak economy is mostly due to the real estate crisis.

Brad Ramos, the police chief of Indio, Calif., population 79,000, does everything he can to contain his town's foreclosure epidemic. In a town where on the worst streets, 75% of homes are in foreclosure, Ramos hopes that if he can keep the neighborhoods looking presentable, he might be able to hold out long enough for when buyers return.