The New York Times, in a front page article, was startled to conclude that the housing market continued to suffer, because "buyers now demand something smaller, cheaper and, thanks to $4 a gallon gas, as close to their jobs as possible."
Christopher Leinberger, writing for The New Republic, says the Times is a little late to discover this fact:
"Ironically, the Times dateline was Chicago. That's the home of Scott Bernstein and the Center for Neighborhood Technology which has been doing some of the best national research on the location within metro areas of the housing bust. CNT's conclusion from way back in 2008? The mortgage collapse took place on the auto-dominated suburban fringe while walkable urban housing, whether in the city or the suburbs, pretty much held its value."
The original story in the NYT includes a closeup on a developer so desperate to sell his traditional suburban houses that he's throwing in a car with every purchase.
Thanks to Emily Robinson
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