November 18, 2008

Housing Bust Update

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HOUSING BUST UPDATE….The latest from ground zero of the housing bubble:

For the first time in the current housing downturn, the majority of Southern California homes sold in October — 51% — had been foreclosed, a real estate information service reported today. The median sales price for homes fell to $300,000, a level not seen since 2003 and a 41% drop from the peak price set in the spring and summer of 2007.

A 41% drop in 18 months. Jeebus.

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DECEMBER IS MAKE OR BREAK

A full one-third of our annual fundraising comes in this month alone. That’s risky, because a strong December means our newsroom is on the beat and reporting at full strength—but a weak one means budget cuts and hard choices ahead.

The December 31 deadline is closing in fast. To reach our $400,000 goal, we need readers who’ve never given before to join the ranks of MoJo donors. And we need our steadfast supporters to give again—any amount today.

Managing an independent, nonprofit newsroom is staggeringly hard. There’s no cushion in our budget—no backup revenue, no corporate safety net. We can’t afford to fall short, and we can’t rely on corporations or deep-pocketed interests to fund the fierce, investigative journalism Mother Jones exists to do.

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