the venue of Irvine in this mess is no accident
in terms of per-capita ratios (# of sub-prime mortagages per each 1,000 homes sold in last five years)
the tri-county region - Orange (where Irvine is located), and adjacent Riverside and San Bernardino counties in Mexifornia - represents one of the major centers of the sub-prime mess
The people I feel sorry for are the ones who bought houses in CA at a much inflated price, make their mortgage payments on time, do all the right things, and see the value of their homes declining rapidly. It’s really bad for people who have to sell their homes right now, due to a change or transfer in their jobs. These people will have to go to the closing (if they’re able to sell their houses) with their checkbooks in hand.