Thursday, December 1, 2011
By BLAIRE BRIODY, The Fiscal Times
August 3, 2011
merica has a new kind of ghost town, haunted by the spirits of the recession. Developers caught up in the runaway housing boom overbuilt and oversold lots, houses and condos, leaving neighborhoods barren with uninhabited model homes, eerily desolate luxury condos, and abandoned McMansions in the aftermath of the collapse.
Most of these recession ghost towns lie in heavily-hit regions of the housing crisis: South Florida, Arizona, California and Nevada. Some in metropolitan areas like Phoenix and Miami, have a better chance of surviving after the housing market recovers, but others are in remote desert developments where municipal services have long since left. “We saw a lot of overbuilding in areas where there isn’t going to be much buying activity,” says Rick Sharga of RealityTrac. “Those areas are going to take a long time to come back, if they ever do.” READ MORE