Update from the Foreclosure-Based Economy 0
The Philadelphia Inquirer looks at the real estate bust in Nevada.
“These people over here just walked away,” said Dave Johnson, gesturing toward the empty stucco-and-tile home next to his on Diazo Street.
Johnson and his wife bought their place for $249,000 41/2 years ago, when he had steady work as a truck driver. Now he has an agreement to sell the house – for $65,000.
Persons such as this are the victims, not the perpetrators, of the crash.
The perpetrators don’t even have to be driven by their chauffeurs through these communities as they travel between their corner offices and their country clubs.
