August 27, 2007

Foreclosed in America

The new wave of foreclosures is going to be hell on tight, urban rental markets.

And yeah, I do remember the low rent housing ads in Silicon Valley at the height of the internet bubble. I remember the stories about the nurses and firefighters, and one mayor, who had to move out of the cities and towns some of them had grown up in. Though I was lucky, because I could afford $900 for a nice room.

It won't be pretty when conditions like that start defining more and more metro areas. Especially because they won't be accompanied in the majority of cases by job booms in highly compensated industries.

Posted by natasha at August 27, 2007 04:43 PM | Hunger and Poverty | Technorati links |
Comments

Damn, that completely slipped my mind. They are so screwed down here on the Gulf Coast because they have been wiping out rental housing to build McMansions and condos. There is almost no rental housing left in the area. There will be homeless people, including families, with jobs, but no housing available as new homes sit vacant.

It means my rent is going to go up.

Posted by: Bryan at August 27, 2007 06:07 PM

Uhm, eventually the houses will sell, probably for pennies on the dollar to investors. At that point they'll be rented out. So people will end up losing their lives savings and their homes in exchange for, err, renting their former home from their new masters and overlords. Just another wealth redistribution scheme by the have-mores to rip off the have-less, in the end.

Posted by: Badtux at August 28, 2007 03:04 PM