Image 1 of 1
San Bernardino, California<br />
July 18, 2012<br />
<br />
San Bernardino, hit hard by the housing and mortgage crisis, has declared a fiscal emergency, allowing the city to avoid a lengthy mediation process and head straight to federal bankruptcy court.<br />
<br />
The declaration comes after the city announced last week that it would seek Chapter 9 protection, making it the third California city in recent weeks to make the rare move.