Todd Lappin recently visited Modesto, a central California city that was hit hard by the mortgage bubble. He posted his photos and comments on his blog, Telstar Logistics.
A city of more than 210,000 people located about 90 miles east of San Francisco, Modesto had the nation's third-highest home foreclosure rate during the third quarter of 2010 (just behind Las Vegas, Nevada and Cape Coral/Fort Meyers, Florida).
Real Estate, Relocation, and Ruin: A Photo Tour of Foreclosureville, USA
In practical terms, that means 1 in 36 homes in Modesto is in foreclosure, and as we discovered, the evidence of this is visible from street level.
"We're going to be near the top of the foreclosure list for a long time," Bob Johnson from Direct Appraisals in Modesto told us. "The majority of the foreclosures here are people who used home equity loans to buy cars and other things. Banks often try to help out with loan modifications, but that doesn't really help, so people just walk away. Bottom line is, people here say they just won't pay mortgages that are worth more than the value of the property."
Compared to 75 years ago, Americans spend less on reading, alcohol, tobacco, clothing, and food. They spend more on education, entertainment, and transportation, but the real bank-breaker is how much more Americans spend on housing, even adjusted for inflation.
I’m at Institute for the Future in Palo Alto, CA today (I’m on staff) at the Positive Platform Design Jam, where we had Cornell historian Louis Hyman give a presentation called “Unnatural Capitalism: How the New Deal Reinvented Capitalism and Why We Need to Do It Again.” You can watch a video recording of his […]
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If you are camping during rainy season, or just want a TSA-approved lighter, these plasma torches make perfect travel companions. These gas-free lighters create a small plasma beam that’s safer than butane to use and more environmentally friendly. It creates a super-hot, splashproof flame so you can get a campfire going, or have a smoke […]
If you don’t want to get stuck footing the bill for a hit and run, this dashboard-mounted camera offers up to 2K resolution to make sure you always have a reliable witness, and it’s available in the Boing Boing Store for 30% off it’s usual price.The PapaGo mounts unobtrusively to your windshield to see everything […]
While some people still maintain that everything in Apple’s walled garden “just works” and is immune to the rampant malware of the Windows world, the reality is different. The Mac’s growing market share has made it a much more viable target for malicious actors, and its built-in tools aren’t always enough to fix things. Drive […]