This story is set in Chandler, AZ, just outside of Phoenix, but this is not the only place where this is happening.
A significant portion of the recent Chandler complaints are from newer neighborhoods in southeastern parts of the city where homes once sold for $400,000 or more and values have dropped, Carr said. Buyers who divorce, lose a job or can't afford rising adjustable-rate interest are finding they can't sell their houses for what they owe on them, he said.This dovetails nicely into the return of Hoovervilles (Favelas) that I wrote about earlier.
The new economy that was supposed to be unleashed by deregulation is an old economy, a very old one. One that ended on Black Tuesday in 1929.
Even worse, it will be years before we can make what we need, because our economy has been hollowed out.