Home prices’ big role as crisis hit state hard

The bankruptcy of Lehman Bros. reverberated with particular fury in California, where it helped deepen a recession already under way and sent the Bay Area into a spiral of job losses that has not yet ended.
California, whose 11.9 percent unemployment rate exceeds the 9.7 percent U.S. average, is suffering disproportionately from the aftereffects of the ensuing crisis because it was such a big culprit in the excesses that led the financial system to ruin.
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