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How’s Robert Rizzo Doing?

Posted by Larry Doyle on July 28th, 2010 1:56 PM |

How might an individual earning close to $800k as a city manager live?

Let’s learn more about former Bell, CA city manager Robert Rizzo. The Orange County Register recently ran a little expose on Mr. Rizzo, Check Out Home of $800,000-a-Year City Manager:

Robert Rizzo, the city manager of Bell, is taking a lot of heat after the Los Angeles Times reported he’s pulling down a whopping $787,637 a year — apparently the highest paycheck for a city manager in California.

The Bell City Council is reported to be seeking his ouster, according to the newspaper. (LD’s edit: He did resign!!) The L.A. District Attorney’s office is looking into the hefty salary.

It turns out that Rizzo lives in Huntington Beach. I couldn’t resist the question: What’s his house like?

Check it out. What do you think?  I was expecting something more lavish. Overlooking  the ocean or the harbor, perhaps. Or both.

Rizzo’s home  isn’t on the market, but Zillow “Zestimates’” it at $883,500 — pretty close to the clutch annual salary. The tax assessor valued the house at $903,000 last year, according to public records.
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By the way, Rizzo, 56, was arrested on suspicion of drunk driving near his house in March. A neighbor called police after Rizzo crashed into a mailbox.

“He is accused of being so stumbling drunk, the officer had to stop administering the field sobriety test,” said Susan Kang Schroeder, the Orange County District Attorney’s chief of staff.

She said Rizzo’s blood alcohol level was at .28, which is three and a half times the legal limit.

He pleaded not guilty and is awaiting trial on drunken driving charges.

But back to real estate: There’s another home on the street not too far from him that’s on the market right now with an asking price of $1,100,000.

I think it still has a mailbox.

Is it safe to assume that Rizzo was the highest paid city manager in the nation? Who knows in these days of municipal malfeasance. In regard to Mr. Rizzo’s job, “nice work, if you can get it!!”

You can’t make this stuff up, beyond that I will reserve comment.

LD

Have Mortgage Delinquencies Peaked?

Posted by Larry Doyle on December 8th, 2009 9:43 AM |

This past May, I designated mortgage delinquencies as “The Most Critical Economic Statistic.” I wrote then and continue to believe now:

Which economic statistic is the most important? Unemployment? Housing starts? Trade deficit? Inflation? Retail sales?

Well, they are all important . . . but as I review the many statistics, the economic data that I believe most significant are loan delinquencies.

While assorted analysts and economists have called the bottom in housing numerous times, rest assured a true bottom will not be established until we see a meaningful decline in mortgage delinquencies. Why? There is a strong correlation between delinquencies, defaults, and foreclosures. Until delinquencies decline, the supply of homes coming onto the market through the foreclosure process will not abate.

While analysts and economists have been wrong in their calls to this point, I keep my eyes and ears open when another entity calls a peak in the rate of delinquencies. I witnessed another one again this morning.   (more…)






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