How bad is the housing market in California? How about it's so bad that one California Congresswoman couldn't make her house payments and got her home repossessed:
She helps make laws, but one California Congresswoman couldn't make her house payments. County records show that Congresswoman Laura Richardson defaulted on her Sacramento home.
Some neighbors were upset, arguing that she abandoned her home and didn't maintain it for several months. "It was pretty disheveled," said neighbor Rafael Burgos.
The Long Beach Democrat bought the three-bedroom home shortly after she was elected to the California State Assembly in November 2006. The following spring, she ran for Congress in a special election and ended up in Washington D.C. Documents show she took out a $535,000 home loan and did not have a down payment.
"We finally [saw] a notice on the front door about two and a half months ago," Burgos said. "It was a bank repossession notice."