CalPERS’ housing portfolio loses 35% in a year

The value of residential real estate investments owned by the country’s largest public pension fund has plummeted 35% — a paper loss of $3.3 billion for current workers, retirees and their state and local government employers. The California Public Employees’ Retirement System reported Wednesday that in the year ended June 30 its real estate portfolio declined to $6.08 billion from $9.36 billion, based on 461 independent appraisals of its investments in 288,000 housing units across the country. For the full story visit www.latimes.com/business/la-fi-calpers13-2008nov13,0,6596082.story