Monday, April 7, 2008
Foreclosures come to McMansion country
Go to Reuters original
LEESBURG, Virginia (Reuters) - Million-dollar fixer-upper for sale: five bedrooms, four baths, three-car garage, cavernous living room. Big holes above fireplace where flat-screen TV used to hang.
The U.S. housing crisis has come to McMansion country
Just as the foreclosure crisis has hollowed out poorer neighborhoods, "for sale" signs are sprouting in upscale developments so new they don't show up on GPS navigation screens.
Poor people weren't the only ones who took out risky, high-interest loans during the housing boom. The sharp increase in housing costs -- and the desire to live in brand-new, spacious houses with modern features -- led many affluent buyers to take out loans they couldn't afford.
more...
Subscribe to:
Post Comments (Atom)
Web Links
- ABC News
- Al Jazeera-English
- AP Breaking News
- Atlanta Journal & Constitution
- BBC News
- Bloomberg
- Boston Globe
- Buzz Flash
- CBC News
- Christian Science Monitor
- CNN
- Common Dreams
- DemocracyNow
- Financial Times
- Ha'aretz
- Huffington Post
- Los Angeles Times
- McClatchy-Washington Bureau
- Media Matters
- MSNBC
- New York Times
- NPR
- Randi Rhodes
- San Jose Mercury News
- SF Gate
- Truthout.org
- UK Guardian
- UK Independent
- USA Today
- Washington Post
- WikiLeaks
No comments:
Post a Comment