Water Hazards Aren't All Bad!

California is ground zero for the great housing bust of our generation. Having worked in distressed real estate for over 4 years in the early nineties, I saw the early warning signs of the current housing bubble back in 2001. I felt like Chicken Little warning people that the real estate sky was falling over the last half decade. Alas, only a few people listened. One was a friend who was so spooked, he sold his overinflated Pasadena, CA house in 2005 in favor of renting a place in Indianapolis.

It took a while, but my doom and gloom prediction came true. After peaking a couple years ago, home prices here have fallen faster than John Daly's bank account after a Vegas weekend. And don't expect home prices to stop falling until they reach levels last seen in 2002, in real terms. Adding insult to injury, wildfires last week have destroyed around 1,000 homes in southern California. It probably would have been worse if it weren't for those things that haunt all golfers: water hazards.

As long as they contain more water than golf balls, golf course water hazards are perfect refilling stations for firefighting helicopters! Check out these photos from grouchy reader David:




David has more photos here.