Real Estate

May 6, 2010 12:00 AM

Fund Held Underwater: CalPERS to wait for Mountain House rebound

Advertised as "The Town of Tomorrow," this new bedroom community near the Altamont Pass windmills once seemed like an ideal investment for the California Public Employees' Retirement System. Then the real estate bubble burst. Mountain House became the most "underwater" community in America — and much of CalPERS' money sank along with it.

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