The State Worker

Chronicling civil-service life for California state workers

November 12, 2008
CalPERS housing investments lose 35 percent

CalPERS housing assets took a 35 percent hit last year, going from $9.3 billion to $6.1 billion as of March 31.

"This portfolio reflects the realities of today's market and accurately depicts readjustments of price and risk," said George Diehr, chairman of the CalPERS Investment Committee, in a press statement released about an hour ago.

The housing losses put the fund's entire real estate portfolio into the red when it was evaluated in March. "However, current gains in the 12-month period through June 30, 2008, have offset that decline, with overall real estate making a positive return for the three-year, five-year and since inception periods," according to the press release.

Click here to read Bee business writer Dale Kasler's story about CalPERS housing losses.

Click here to read the Housing Program Update scheduled for CalPERS committee discussion on Monday.

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About The State Worker

Jon Ortiz The Author

Jon Ortiz launched The State Worker blog and a companion column in 2008 to cover state government from the perspective of California government employees. Every day he filters the news through a single question: "What does this mean for state workers?" Join Ortiz for updates and debate on state pay, benefits, pensions, contracts and jobs. Contact him at (916) 321-1043 and at jortiz@sacbee.com.

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