Now, for the fun stuff. I've always wondered what would happen to all those overpriced, shoddily-built tract homes sprouting up from old hay fields in the exurbs when their occupants couldn't keep up with the payments.
In the Franklin Reserve neighborhood of Elk Grove, Calif., full of subdivisions with half-million dollar homes, homeowners are fighting inner-city problems like gangs, drugs, theft and graffiti.Ahhhh, suburban blight.
During the boom, the suburb just south of Sacramento sprouted 10,000 homes in four years, attracting investors from the San Francisco area. Now many houses stand empty, weeds overtaking lawns, signs lining the street: "Bank Repo," "For Rent," "No trespassing -- bank owned property." A typical home's value has dropped from about $570,000 to the low $400,000s.
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