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Forum LockedThe Rust Belt: A forgotten housing crisis

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Post Options Post Options   Thanks (0) Thanks(0)   Quote Kevin Quote  Post ReplyReply Direct Link To This Post Topic: The Rust Belt: A forgotten housing crisis
    Posted: 05-May-2009 at 03:10
Here is the story

http://www.msnbc.msn.com/id/30563630/

I'd figured it was the rust belt being hit hardest by this crisis. Not the high priced surburban neighborhoods of well to do areas of the Mid-Atlantic, Southeast, and the Sunbelt as is so focused on by the American media and to some extent the international media. However none the less the Rust Belt states were already being hit hard by everything economically by the housing crisis, so it's most likely going to get even worse for these states as we aren't out of the woods yet even though this section of the United States has already been hard hit.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Parnell Quote  Post ReplyReply Direct Link To This Post Posted: 05-May-2009 at 10:33
A housing crisis is great material for an economic recovery. Depends how widespread the crisis as and how able the banks will be to lend mortgages to more humble homeowners.
"Neither apathy nor antipathy can ever bring out the truth of history" Eoin Mac Neill.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Omar al Hashim Quote  Post ReplyReply Direct Link To This Post Posted: 07-May-2009 at 05:12
I haven't forgotten about it. I keep thinking it'd make good farmland.
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Post Options Post Options   Thanks (0) Thanks(0)   Quote pikeshot1600 Quote  Post ReplyReply Direct Link To This Post Posted: 07-May-2009 at 13:45
Originally posted by Omar al Hashim Omar al Hashim wrote:

I haven't forgotten about it. I keep thinking it'd make good farmland.
 
There is already a lot of good farmland there.  While there was plenty of industry, Pennsylvania, Ohio, Indiana and Michigan are all extensive agricultural states as well.
 
 
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Seko Quote  Post ReplyReply Direct Link To This Post Posted: 07-May-2009 at 14:40
Sure are. You should see the harvest we have this year.! Oh boy! Bushels of unused car seats, tons of idled engines and spark plugs for a dime a dozen. Our latest crops also contain government fed bankruptcy. Organic, wholesome stuff! Better than those corporate boxes over at aisle seven filled with all kinds of additives. Buy now before rot sets in. Unhappy
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Post Options Post Options   Thanks (0) Thanks(0)   Quote Zaitsev Quote  Post ReplyReply Direct Link To This Post Posted: 07-May-2009 at 14:51
I have to agree here. Last year I was living in Southern Ontario, just North of Detroit. Only a short few weeks into the media coverage of an economic crisis more than 50% of the workers in the area had lost their jobs, and will undoubtedly need to leave the area if they're to find work as the only real choices locally were manufacturing and agriculture. Agriculture's pretty well taken care of, and manufacturing's collapsing.

The area was already quite low socio-economically, and there were a large number of abandoned holiday homes by the lake, as the cost of fuel had reduced the number of people travelling in. I rented a place there, but I can guarantee I could have taken up a whole street of houses for free and no-one would have noticed. (touch cold when the power's not switched on though)
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