Alex Pearlstein

<p>With Metro Atlanta's senior population set to mushroom, the region's planning agency says that area communities are not prepared to deal with the consequences of an aging population.</p>

<p>As the city plans to demolish most of its public housing, the only publicly-subsidized units remaining will be offered to senior citizens. Displaced residents will be given counseling and vouchers enabling them to live anywhere in the country.</p>

<p>The ambitious plan proposes to transform Peachtree Street with new streetcars, parks and other amenities. But skeptics wonder if such a massive overhaul is feasible -- or even necessary.</p>

<p>Higher interest rates, cooling housing markets, restrictive mortgages and more cautious banks are combining to choke off the home refinancing market. The current wave of mortgage defaults could be just the "tip of the iceberg."</p>

<p>The "often-overlooked measure" of homes for sale that are empty is the highest it's ever been. The figure could represent the influence of housing "speculators" and may signal continuing weakness in the national housing market.</p>