Yorktown was a booming exurb of Chicago, until the mortgage crisis put the kibosh on a number of developments in progress. Residents of these 'ghost towns' find themselves stuck with properties they can't sell.
Oct 14, 2008 Chicago Tribune
Some 12 million households now owe more on their mortgages than their homes are worth, leading economists to worry that foreclosures will continue to rise.
Oct 10, 2008 MSNBC
Upon gaining the presidency, Senator McCain would make the federal government spend part of its bailout money on bad home mortgages, allowing homeowners to stay put and make payments that reflect their homes' lessened values.
Oct 9, 2008 Newsweek
Greenwich, Connecticut is a rich enclave of hedge fund managers- and thus is feeling the pain of the current financial crisis like a ton of bricks. Ned Lamont, a Greenwich resident who ran for Senate in 2006, says, 'This is our Katrina.'
Sep 27, 2008 The Wall St. Journal
HUD Secretary Steven Preston said this week that the U.S. is facing a 'fundamental oversupply' of houses, which will continue to weigh down the economy.
Sep 21, 2008 Pittsburg Post-Gazette
The government takeover of Fannie Mae and Freddie Mac will likely bring lower interest rates, but tighter eligibility requirements and stricter monitoring of underwriting.
Sep 8, 2008 CNN
A foreclosed home in Lake Elsinore, CA has attracted some new residents- a family of bobcats.
Sep 4, 2008 The Press-Enterprise
Boston, Minneapolis and San Diego are flipping houses in an effort to prevent neighborhood blight- a strategy that appears to be working.
Aug 27, 2008 The New York Times
Witold Rybczynski wrote <em>The Last Harvest</em> about a new development being created in an exurban cornfield. NPR visits the half-finished community with Witold, which is suffering from the economic crisis.
Aug 25, 2008 NPR
While the mortgage crisis has hit hard in California and other prosperous regions, the cities that are sliding fastest into decline are still in the Rust Belt, with disappearing populations and bleak job prospects.
Aug 17, 2008 Forbes