If they can keep people and their belongings safe, I can see this being a huge economic shot in the arm for that area and eventually seeing more expansion. There are two problems I can foresee, one of which is parking. Hopefully a large garage will solve that problem. Also, I’d like to see the rent be a bit cheaper to attract students. $850/month is way out of the price range of most college students.
This is ugly, to be sure. Nationally, home prices declined 5.0% over the past year. All four regions of the U.S. saw their prices decline, year-over-year:
- Midwest: -6.3%
- West: -6.2%
- South: -5.2%
- Northeast: -1.6%
Clear Capital blames the rapid decline in prices on the saturation of bank-owned foreclosures.
Read the rest of the story at The Atlantic.
Good news: Banks are failing in their continued efforts to hide shadow inventory and lost value on the houses backing their paper.
Bad news: Banks are failing in their continued efforts to hide shadow inventory and lost value on the houses backing their paper.
Good news: Cheap houses for sale!
Bad news: You don’t have any money to buy one.
The problem is not just cheap houses for sale. The biggest problem is the vacant houses that are for sale for pennies on the dollar. The banks don’t want them and the residents don’t want them in their neighborhood. Back when I had a big kid office job I took a news crew from the Netherlands out to the 44105 area code where the foreclosure crisis basically originated (for you Clevelanders this is the Slavic Village, Union Miles, and Mt. Pleasant neighborhoods on the east side). I’ll never forget what the reporter said to me when we were driving around “This reminds of me when I covered the war in Bosnia in the 90’s”. That’s messed up.