America's Foreclosure Ghost Towns -- Help HuffPost Find The Best Photos Of The Foreclosure Crisis


On the cover of their most recent issue, Fortune declares the "return of Real Estate" to be upon us. With the national housing market wrecked by low sales and marred by high foreclosure rates, the optimistic sentiment seems odd. Have they not seen the scores of empty homes?

Across America, these abandoned homes have formed into something more disturbing: ghost towns. Las Vegas, a city that The Economist calls the "foreclosure capital of America," is now surrounded by "eerily quiet" suburbs. Detroit, another declining city, has watched the city's population drop 25 percent over the last decade. Last year, in an effort to rid the city of its rapidly expanding inventory, Mayor Dave Bing announced plans to demolish 10,000 of Detroit's abandoned homes.

In February, new home sales have plunged to record lows, down 28 percent from the year prior, according to new government data.

Economists and analysts, however, think things may actually get worse. According to Lender Processing Services, around 6.9 million homeowners were either delinquent or in foreclosure proceedings through February, and 1 in every 577 housing units received a foreclosure filing last month, finds data provider RealtyTrac.

Nationwide, empty houses are leading to empty neighborhoods, especially in Arizona, California, Nevada and Michigan. The slide show below shows a few examples of the results: once vital communities reduced to empty living rooms and overgrown weeds.

Click below to see some of the most prominent new ghost towns -- and to submit a photo of your own

Views: 42

Comment

You need to be a member of 2013 Rainbow Roundtable to add comments!

Join 2013 Rainbow Roundtable

Follow Rama

Support Us!


Support BBS Radio

BBS Radio's co-founder's, Don & Doug Newsom Lost Their Home and all their broadcasting equipment in the blaze that consumed Paradise, CA. And thanks to many generous donations, they have risen from the ashes of paradise, not unlike a phoenix, and are back in business. Be that as it may they still had a great many losses, some of which they are still making up for. If you are feeling generous and want to send some more love their way in monetary form, click the link below to do so:

Learn More >>

Newsletter Sign Up

Join Shop Free Mart! Sign up for free!

© 2019   Created by Kara Thrais.   Powered by

Badges  |  Report an Issue  |  Terms of Service