Reply #3: That's not good [View All]

I was watching the news last night about a small black community in Cleveland. This particular area had the highest sub-prime default rate of any area of the country. I think it at least 50% of the homes were foreclosed on and vacant.

That's bad enough. But the harshest thing about it was not the foreclosed houses, but it was the people who were left behind. They didn't do anything wrong, they bought houses they could afford and are making their payments. But with the sub prime melt-down they are getting the brunt of it.

In their case, since so many homes have become vacant, the neighborhood has become unlivable with a very high crime rate. ANd they cant even sell as their are obviously no buyers. Looks like the neighborhood is gonna turn into a ghost town where good people will be forced to walk away from their homes.

A disaster for everyone.

I hope it's not a harbinger of things to come.