Word: neighborhoods
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...third of home sales are now to first-time buyers, thanks to a federal tax credit and a glut of foreclosed and other cheap properties - they are constantly being reminded of how sick the rest of the system still is. The couple rattle off houses in their new neighborhood that are for sale by desperate, underwater owners. Through the Robertses' kitchen window, they can see tall weeds in the empty lot next door. Their house was built in 2005, but then the crash came. The builder has yet to return to finish the development. (See pictures of high-end homes...
...another example, consider Michael and Kathryn Judge. The couple - a cardiac nurse and a nurse practitioner - bought a home in Boise's cottage-filled North End neighborhood in 1994. The Judges, members of that rare breed of Americans who stash a decent slug of income in savings, put down $50,000 and mortgaged the rest. A couple of years ago, they paid off the loan. "Friends used to say, you can cash out your equity and do so much stuff. You could travel," says Michael. "Well, instead of getting the four-wheelers and the boat, we paid off our house...
Vinny and Karla Trovato moved to Boise at the end of last year but only by finding a renter to live in their Las Vegas home. Now they live in the suburb of Eagle. The neighborhood, with 11 decorated model homes and four sold houses, sits like a ghost town; both the building and the selling have ground to a halt. "We were supposed to have another neighbor, but his financing didn't come through," says Vinny. It's not the neighborhood full of life he had imagined his children growing up in. "Everybody just pushed the pause button," says...
...Motors, was in meltdown mode, begging the government for funding and trying to raise cash. One salable piece of its portfolio: 84 homesites in Hidden Springs. Jim Hunter, of Boise Hunter Homes, was there to buy. Hunter figures GMAC had already plowed about $88,000 per lot into the neighborhood by laying down streets and sewer lines. In the fire sale, he spent $52,000 a pop. And so the land was recycled - from an overextended national company to a more nimble local player able to put it to good economic use. It was, in its own small...
...While one little, isolated neighborhood protest is surely not a terminal deterrent for the attitude that has characterized places like Preston Hollow and men like Bush for so long, it was at least an eye-opener. This façade, powerful as it is, will no longer deceive the rest of the nation...