Apr 202008
Today’s Strib features a story about the mortgage crunch and its deleterious effects on outer-ring suburbs like Wright County. The story is familiar: developers rush into an exurban area with dollar signs in their eyes, selling overpriced homes to individuals with spotty credit histories. Then the market crashed, leaving many development projects in limbo and saddling borrowers with mortgages that now exceed the value of their homes. The article reminded me of that recent Atlantic feature which outlined how these seemingly idyllic housing developments, hard-hit by the economic downturn, could become the new slums of the American landscape.
