Wednesday, February 10, 2010

Heard about those "Starter" Mansions?

Timothy Egan writes about abandoned rows of suburban houses in California. What will happen to the stock of houses that nobody wants?

Egan writes:

Drive along foreclosure alley, through new planned communities that look like tile-roofed versions of a 21st century ghost town, and you see what happens when people gamble with houses instead of casino chips.

Dirty flags advertise rock-bottom discounts on empty starter mansions. On the ground, foreclosure signs are tagged with gang graffiti. Empty lots are untended, cratered with mud puddles from the winter storms that have hammered California’s San Joaquin Valley.

Nobody is home in the cities of the future.

Read the full article here.

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