BusinessWeek says Irvine, Calif., recession proof, but local media don't

Jon Lanser, the real estate columnist for the Orange County Register, notes that BusinessWeek magazine has picked Irvine, Calif., as one community that might avoid the recession.

 But, he notes, local reporting shows otherwise.

Lansner writes, “So what was BusinessWeek thinking? It notes Irvine’s 37.8% share of jobs in those coveted anticyclical industries. And BW writes: ‘Irvine is home to the University of California at Irvine and — like much of Orange County — hasn’t been hit as hard by the subprime crisis as other parts of California.’

“Eh, BW, you sure? Yes, not many homeowners borrowed subprime to own in this city. BUT! This city was home to numerous major subprime mortgage lenders that went out of business, leaving a flood of empty offices and hits to employees and related businesses!

“It’s so bad that in March, CNN Money called Irvine ‘subprime’s ghost town!’ (READ HERE!)

“Even local land baron Irvine Co.’s been forced to its first layoff in 16 years due to the slump. (Read more HERE!)”

Read more here.