Homebuyers and economists alike thought cities like Seattle, Minneapolis, and Atlanta were "immune" from the plummet in housing prices that devastated Florida and the Southwest, says David Streitfeld in The New York Times. Not anymore. In fact, home prices in "bubble markets" like Las Vegas, Miami, and Phoenix are finally stabilizing, while "stable" cities where the housing bubble was "relatively restrained" are feeling the pain, Streitfeld says. What's the lesson here?
Life isn't fair: Everyone who blamed the whole housing crisis on fools who "paid $1.3 million for a particleboard McMansion in the middle of a desert and/or swamp" just got a big lesson, says Hamilton Nolan in Gawker. No matter what you do, "Playing By The Rules and Doing All The Right Things" isn't a guarantee that "your happy stable community" will stay happy and stable. Even the "nice cities" are in trouble. "Sorry, American dreamers!"
The Week
Escape your echo chamber. Get the facts behind the news, plus analysis from multiple perspectives.
Sign up for The Week's Free Newsletters
Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.
Join more than 350,000 subscribers and keep yourself informed with a selection of The Week’s most interesting, enlightening and entertaining stories - plus daily puzzles.