Foreclosure Ghost Towns Haunt Nation
When pundits discuss homeownership, they often frame the issue in terms of purchases, lending rates, housing starts and other economic data. For the DailyFinance series "Ghost Towns of the Recession," we took a different tack: rather than rely on the numbers, we looked at some neighborhoods where the dream of owning a home has become a nightmare of foreclosures, underwater mortgages and abandoned houses.
Indeed, real estate agents, builders and banks sell homeownership as a key part of the American dream. This
In his book, Thompson's search for the American dream ends at the burned-out husk of a former nightclub, a fitting metaphor for a city that went from the fastest-growing to the most-foreclosed city in America in the space of a year. As our article and its accompanying video document, today more than 80% of Vegas mortgages are underwater, and empty or abandoned home pepper the city.
Read more at DailyFinance.com.
For more on mortgages and related topics see these AOL Real Estateguides: