“The Next Slum” discusses continuing effects of subprime crash
Filed under: Foreclosure, Subprime Crash, Suburban Foreclosure Epidemic — admin @ 2:10 pm
“The subprime crisis is just the tip of the iceberg. Fundamental changes in American life may turn today’s McMansions into tomorrow’s tenements.”
Christopher B. Leinberger, The Atlantic Monthly, March 2008
Talk about a fascinating article. How far will the effects of foreclosures and the subprime crash really go? Stories about the suburban foreclosure epidemic are rampant, like this one and this one and this one - and that’s just a start.
I guess building and building and building on land reserve is not the best move after all for communities. It makes you wonder how much tax incentives and building subsidies many of these builders were offered for rampant housing production cost the taxpayer.