Quote:
Originally Posted by KSigkid
A lot of people went into these without thinking about 5, 10, 20 years down the road. They either wanted to turn a quick profit, or they wanted to get more house than they could afford. People didn't have a longterm view, and it's costing them now.
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Those counties with the high foreclosure rates were also developed in a weird way. Areas that hadn't been developed for perfectly good reasons--inadequate infrastructure, lack of natural resources, and considerable distance to metropolitan areas--were being developed at a crazy rate because the easy credit and cheap construction costs. People who couldn't afford to buy in San Francisco or the Silicon Valley were buying mini-mansions in places like Modesto and Stockton, regardless of the fact that it's not the easiest commute. Add to that there weren't enough schools, grocery stores, and gas stations, and it makes it so much easier to walk away from your home if it's two hours away from work and the rate on your crazy mortgage just shot up to 10%. It's hard to be committed to a brand-new bedroom community, especially if you're not looking at it as a long-term investment.
It's just unfortunate. There are entire communities that are virtually abandoned, and the housing stock is new and of fair quality. What will happen to those homes?
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