Mr. Daniel Gross of Slate.com unleashes a rancid torrent of truth about the Orange County housing market, with a special dose of vitriol - nicely delivered - for that carefully planned OC McCity called Irvine, which Mr. Gross generously dubs "a center of reckless real estate lending and borrowing" and "the nation's capital of real estate folly".
Until recently, Orange County was New Jersey to Los Angeles's New York -- upscale but generally ignored, and not nearly so chic or happening as its urbane neighbor. Television helped change the image with glitzy offerings such as "The O.C.," "Laguna Beach" and "The Real Housewives of Orange County." These shows portray the county's glittering beach communities as the capital of plastic surgery and extreme consumption. But inland, just over the hills, the massive planned community of Irvine has become the nation's capital of real estate folly.
Yeah, see that gaping wound I have right over there? Yeah, I'd like you to throw a fistful of salt in it please. What? No salt? Well, do you have terpentine?
Indeed sub-prime mortgage loans (even prime loans), irrational exhuberance for real estate of any shape, color or size, and financial illiteracy are indeed biting the OC middle class and even the more well-to-do.