SoCal, Vegas, Phoenix and Miami broke the economy…

So, we’ve come to find out that the super-hyped FORECLOSURE ARMAGEDDON that might END LIFE AS WE KNOW IT is actually a regional problem, most painful for the same housing markets that always get lit up behind housing speculation:

1.) Southern California – you know, the place where any real estate located in the earthquake prone sliver of land between the Pacific ocean and San Gabriel mountains will cost you both arms, both legs and a tooth.

2.) The Vegas area – were speculation on everything from the tumble of a die to the over under on who wins the next Dancing With The Stars is a religion and a way of life.

3.) Phoenix – old people who’s retirement cash can barely get them a seat at the local BINGO tournament

and of course

4.) Miami – the sexiest city in America, a spot that has obviously decided being family friendly is for Orlando and has banked its entire future on foreign investment turning it into the American Riviera.

According to a study by USA TODAY More than half of the nation’s foreclosures last year took place in 35 counties, a sign that the financial crisis devastating the national economy may have begun with collapsing home loans in only a few corners of the country.

All I have to say to this? Thanks a TON, second string big cities. You don’t see stuff like this happening out of New York city, do you? Know why – OLD MONEY DON’T FADE and NEW YORK HATES ON THE NEW RICH. I used to think that was bad, you know, having snooty Chip in the Hamptons look down his nose at the RABBLE trying to buy their way into the country club with their new DOTCOM money.

Now I see the wisdom of hoity toity snobbery. While financial Ragnarok unfolds across Miami, leaving gigantic condo towers completely empty despite the orange and blue paint on the outside, Central Park West carries on, secure in the knowledge that even if a building is empty, New York can absorb the blow and keep it moving.

Meanwhile, Orange county should be renamed BLOOD ORANGE COUNTY for all the red flowing through the real estate game, and Phoenix might have to  tax folks into oblivion to keep the city lights on.

So God bless Blue Blood Country Club Money. Apparently, its the only wealth that can withstand a depression.

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