wonder why there are not people living there anymore...
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"Some neighborhoods are going to suffer tremendously or are never going to come back or come back very, very slowly,"
Potential candidates for long-term decline named by the study are the areas hit hardest by the drop in home prices in recent years. They include several inland California metropolitan areas that grew rapidly during the boom, including Stockton, Modesto, Fresno, Riverside and San Bernardino. Las Vegas and Miami also made the list.
A traditional city in decline is one that has suffered a sustained population drop, leaving behind empty houses, apartment buildings, offices and storefronts. Cleveland and Detroit, for instance, suffered from the erosion of manufacturing and the loss of residents, who left in search of jobs.
Instead of eroding a particular industry, however, the housing bust left a glut of homes because of overbuilding and the foreclosure crisis. Follain argues that the future of these cities is threatened in similar ways to that of Rust Belt cities.
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NOTE, the map & chart below:
All of these cities are in the sand states.
All were sold bad ARM & subprime RE loans, have underwater equities, have huge foreclosures, and have large bankruptcies.
That was then, this story is about now, and the future.
Tis Bleak.
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Housing bust creates new kind of declining city
A study says cities where home prices have fallen the most — including Riverside, San Bernardino and Fresno — could suffer long-term deterioration similar to that of the Rust Belt.
http://www.latimes.com/
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Housing Bust: The New Declining Cities
http://www.calculatedriskblog.com/2011/01/housing-bust-new-declining-cities.html
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A Study of Real Estate Markets in Declining Cities
http://www.housingamerica.org/
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