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Think twice before expecting any market recovery in housing, especially in some areas where infrastructure and municuipal services have been gutted, and housing remains vacant due to a bad market.
Most of these recession ghost towns lie in heavily-hit regions of the housing crisis: South Florida, Arizona, California and Nevada. Some in metropolitan areas like Phoenix and Miami, have a better chance of surviving after the housing market recovers, but others are in remote desert developments where municipal services have long since left. “We saw a lot of overbuilding in areas where there isn’t going to be much buying activity,” says Rick Sharga of RealityTrac. “Those areas are going to take a long time to come back, if they ever do.”
There are currently 18,700,000 vacant units across the country, according to Census data, and vacancies rates in the homeowner market have grown 12 percent since the recession started. Vacancies are the highest in the southern and western regions of the country.
Laurel Cove, TN When Lehman Brothers went bankrupt in 2008, they also defaulted on a $121 million construction loan for a 1,120-acre golf course community in Williamson, Tenn. The first nine holes of the golf course were completed, 500 of the 800 lots were sold to builders, and the clubhouse, day spa and fitness center sit half-finished. The builders couldn’t start construction because the water and sewage infrastructure was never completed. The development fell into foreclosure, and on-site realtor, Keith Sefton, says that the property is still looking for an investor.
Interesting read and it's a perfect example of what happens when those right wing "free markets! less regulations!" are left to run wild.
You mean Bill Clinton and everybody deserves a house [ fannie freddie ]mentality you left wing spin artist...yeah your boy along with Dimos and Repubs created this house of cards economy.
Interesting read and it's a perfect example of what happens when those right wing "free markets! less regulations!" are left to run wild.
good grief please educate yourself.
A federal reserve printing money out of thin air,giving it to banks on the cheap and a fedguv trying to bend rules to get everyone into home, is not a free market.
good grief please educate yourself.
A federal reserve printing money out of thin air,giving it to banks on the cheap and a fedguv trying to bend rules to get everyone into home, is not a free market.
I agree, you should educate yourself.
W and the republicans let the banking industry run wild giving out predatory loans and letting themselves self regulate, which turned out to be a complete disaster.
Then when those banking industry cronies destroyed countless people's lives and the housing market, Bush gave them trillions in bailouts paid for by the taxpayer.
That's GOP "less government! free markets!" policies at it's finest.
Laurel Cove, TN When Lehman Brothers went bankrupt in 2008, they also defaulted on a $121 million construction loan for a 1,120-acre golf course community in Williamson, Tenn. The first nine holes of the golf course were completed, 500 of the 800 lots were sold to builders, and the clubhouse, day spa and fitness center sit half-finished. The builders couldn’t start construction because the water and sewage infrastructure was never completed. The development fell into foreclosure, and on-site realtor, Keith Sefton, says that the property is still looking for an investor.
But hey, why should big banks be blamed.
What the hell? You took an article from August 2011, then showed a picture of a Miami highrise, and pretended it was a picture of a luxury neighborhood in a wealthy county in TN?
I understand that you didn't write the article, but you did link the picture.
Laurel Cove isn't a town, it was one neighborhood. It did go bust when Lehman Brothers went belly up, but it has been purchased by a national development compay and a Greg Norman golf course and luxury homes are currently being built there. They renamed it The Grove.
It's hardly a ghost town or a sad story. It's a great example of the free market. Desirable areas will always rebound. And Williamson County, TN is one of the wealthiest in the nation.
W and the republicans let the banking industry run wild giving out predatory loans and letting themselves self regulate, which turned out to be a complete disaster.
Then when those banking industry cronies destroyed countless people's lives and the housing market, Bush gave them trillions in bailouts paid for by the taxpayer.
That's GOP "less government! free markets!" policies at it's finest.
Try again spin boy...Barney Frank and the Dimos were warned ...live in a cave ?
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