San Diego Housing Market News and Analysis
Another Calpers disaster
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Submitted by desmond on May 8, 2010 - 4:26pm
Some lowlights of the article:
The pension fund's $1.12 billion investment in Mountain House shrank to just under $200 million in five years, Cal-PERS records show. That's a loss of more than $920 million, making it one of the biggest headaches in CalPERS' troubled real estate portfolio.
"No community is exempt from what we're going through," said resident Celeste Farron, who estimates her $825,000 home has lost half its value. "We're just getting hit harder because we're so new."
Still, Mountain House leaders remain confident CalPERS will stay the course. With so much money on the table already, the fund has little choice, Lamb said.
"I think they're solid," said Dale Hansen, superintendent of the local school district. "They've stuck with the community."
Rock solid and holding on like Gorilla Glue.
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