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How Bad Is It?

Covering last night's emergency, four-hour hearing about the real estate market crisis, Daily Breeze reporters Kerry Cavanaugh and Gregory J. Wilcox emerge with a story that makes us feel sort of terrified. Among other things: City Councilman Richard Alarcón is "asking lawmakers to declare a state of emergency to direct state and federal money to counseling and loans for people about to lose their homes" and has "proposed using city money for an emergency-loan program to help homeowners on the verge of foreclosure." So how bad it is? Last month, 1,074 homes were foreclosed on in L.A. County - up more than 600 percent from last year, while notices of default (the first sign of things going badly) increased 145.3 percent to 4,009 in L.A. County. Dare we say it? Pop? Actually, it feels more like this: Crunch!
· Councilman warns housing slump threatens city's future [Daily Breeze]