As global warming saunters toward Fraud Hall of Fame, Gov. Arnold S. shows S.F. under water

Timing, Arnold; it's all about timing

A map of how California will be affected by climate change in the future was unveiled yesterday by state governor Arnold Schwarzenegger.

The map, which demonstrates the devastating effects of global warming in just a century, shows how San Francisco Airport would be completely underwater if sea levels were to rise by 150cm (60in).

The coastline on the map was also coloured, highlighting how nearly half a million Californians are at risk from rising sea levels

The map, named CalAdapt, which was revealed at a press conference on Treasure Island in San Francisco Bay by Mr Schwarzenegger and Google CEO Eric Schmidt, was created as part of a plan for the state to adapt to global warming.


'Within a century, Treasure Island, this place where we are right now, could be totally under water,' the governor said. 'It is technology in the end that will save us.'

23 % of U.S.home mortgages are under water

The proportion of U.S. homeowners who owe more on their mortgages than the properties are worth has swelled to about 23%, threatening prospects for a sustained housing recovery.

Nearly 10.7 million households had negative equity in their homes in the third quarter, according to First American CoreLogic, a real-estate information company based in Santa Ana, Calif.

These so-called underwater mortgages pose a roadblock to a housing recovery because the properties are more likely to fall into bank foreclosure and get dumped into an already saturated market. Economists from J.P. Morgan Chase & Co. said Monday they didn't expect U.S. home prices to hit bottom until early 2011, citing the prospect of oversupply.

Home prices have fallen so far that 5.3 million U.S. households are tied to mortgages that are at least 20% higher than their home's value, the First American report said. More than 520,000 of these borrowers have received a notice of default, according to First American.

Most U.S. homeowners still have some equity, and nearly 24 million owner-occupied homes don't have any mortgage, according to the Census Bureau.