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Town of US$1m homes declares fiscal emergency

Property prices in the US's Moraga have surged, but the local tax collections haven't followed the same trajectory

San Francisco

THE San Francisco suburb of Moraga seems as far as one could get from the financial pressures that have battered big cities like Detroit or Chicago.

The price of a typical home has soared to more than US$1.2 million, it's not drowning in debt and there are even free

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