Tuesday, January 29, 2008

The Greater-Fool Theory in a Desert: When the Music Stopped

by Ken Houghton

With all the talk of California, Illinois, and Florida, it would be easy to overlook the massive speculative building in the Lost Wages area.

No more:
More than 1 percent of all U.S. households were in some phase of the foreclosure process last year, up from about half a percent in 2006, RealtyTrac said.

Nevada, Florida, Michigan and California posted the highest foreclosure rates, the company said....

Other states in the 2007 foreclusure top 10 were Colorado, Ohio, Georgia, Arizona, Illinois and Indiana.

Michigan, Ohio, and Indiana are perennials on this list. Georgia overbuilt from Atlanta to Athens for nearly a decade.

The three deserts—Nevada, California, and Arizona—hint that a lack of water may actually impede residential development.

We still cannot explain Shaker Heights, though.

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