The New York Times has an article on the most underwater town in America, Mountain House, California. A Town Drowns in Debt as Home Values Plunge profiles this young town just east of San Francisco. 90% of the homeowners are "underwater," owing an average of $122,000 more than their home is worth. The first houses were sold just 5 years ago in 2003, right in the middle of the housing boom. With fearful residents cutting back on spending, business is hurting and many store fronts are empty.
There are several towns in California that were born in the boom, one wonders if they will become modern day ghost towns. Across the country there are half finished subdivisions, neighborhoods left vacant by foreclosure and strip malls without shoppers or businesses. Just as the gold rush created boom towns that turned into ghost towns, the real estate rush has created the modern day equivalent - towns like Mountain House.
Feed: pfblogs.org
PF Blogroll
Posts
0 comments:
Post a Comment