Bailout Will Try to Save Suburbs, But Can't

"The pattern across the continent is fairly consistent: Dwellings within walkable neighborhoods, close to transit, shopping and places of entertainment, are holding their own in terms of price and value."

"By contrast, the future appears far bleaker for the endless rows of foreclosed homes out on the urban fringes — the 'buy ’til you qualify' subdivisions located half a gas tank away from most everywhere. Christopher Leinberger, in his Atlantic article 'The Next Slum,' says there are clear signals that such places 'will become magnets for poverty, crime and social dysfunction.'"

"Maybe it’s time, even as the billions of bailout dollars flow, for official Washington to get tough. It’s emerging as lender of last resort, asset manager for the wounded American taxpayer, assuming the responsibility for thousands of toxic mortgages on property that more diligent local planners might never have allowed to be built. So why could Washington not advocate — maybe even require as a price for the potential subsidies and loan insurance it may offer — compliance with planning rules aimed at promoting more economically robust, resource-efficient communities?"