Inside Out: Mortgage Crises, Crime, and California

Writing for <em>The New York Times</em>, Timothy Egan takes a look at some of the empty cities that were abandoned after the housing crash, and why they will be the slums of tomorrow.
February 14, 2010, 7am PST | Nate Berg
Share Tweet LinkedIn Email Comments

"Now median home prices have fallen from $500,000 to $150,000 - among the most precipitous drops in the nation - and still the houses sit empty, spooky and see-through, waiting on demography and psychology to catch up."

"Nationwide, a record 2.8 million homes received foreclosure notices last year - up 119 percent from two years ago. Just under 5 million homeowners - 1 in 10 mortgages - owe more than their houses are worth. The impulse is to walk away. Surrender. And many have."

Empty now, these developments will likely play home to the nation's rising population of immigrants and low-income Americans.

Thanks to Franny Ritchie

Full Story:
Published on Wednesday, February 10, 2010 in NYTimes: Opinionator Blog
Share Tweet LinkedIn Email