Agreed. Bubble naysayers, if they even exist anymore, always said LA was immune form this – I see more foreclosures in my “insulated” neighborhood every week.

One thing irritates me about this article though aside from it not specifically mentioning L.A. yet, and it’s this:

“It took me and everybody else by surprise.”

Maybe the rate is quicker than some expected, but certainly not all, and it happeneing at all is no surprise, people just didn’t want to hear it. But with people paying 10-12 times their income for a home, and not even paying the full interest, no fallout should be a surprise.