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Foreclosures in Wealthier Monied 'Burbs May Signal Trouble AheadJuly 8, 2009
As economists search for signs that the recession is abating, a look at the breakdown of foreclosures in Patchwork Nation's community types finds that a new wave may be impacting the U.S. differently and could stall recovery. Foreclosures are increasing in the wealthier, more populous Monied 'Burbs communities, places that tend to drive consumer spending that may help revive the economy. "If the foreclosure problem spreads to them it does not bode well," said Dante Chinni, the director of the Patchwork Nation project for the Christian Science Monitor. "What we're seeing now, especially in these Monied 'Burb communities, is its not really about driving the recession anymore, its just become another function of the recession." Listen to the full interview
In earlier data examinations, these places weren't touched as much by the foreclosure crisis and the collapse of the subprime mortgage market. But as unemployment rises, even non-subprime mortgages are showing signs of trouble reports RealtyTrac, a firm that monitors foreclosures. Chinni explores this foreclosure data more in-depth in on his post on the Christian Science Monitor "Are foreclosures leveling off or poised for another spike?" |
Recent Patchwork Reports
Recent Reports  How to Not Let Mistakes Define YouSkeptics of prison reform should take note of one Anthony Cardenales, a former inmate who did 17 years for homicide. He earned an associate's and then a bachelor's degree through the privately-funded Bard Behind Bars, and is working his way up the management ladder at an electronics recycling company -- and working up fast.
 Saving: Brought To You By the Letter 'S'How to get us to save, the importance of self-control. Weighty issues deserving of discussion in the light of last Friday's visit to Sesame Street. But what America wants to know, I'm guessing: What's it like to interview Grover? (Not the tax-axing Norquist, of course, but the non-political blue blur of fur whose first name alone suffices, in the manner of Madonna, Bono, or Snuffleupagus.)
 A Young Vet and His DogIn this web exclusive video, we profile 26 year old Chris Goehner, who deployed twice to Iraq as a hospital navy corpsman (which is similar to a paramedic, Goehner says). He's one of the 18 1/2 percent of Iraq and Afghanistan vets who have suffered from post-traumatic stress disorder (PTSD) or major depression since coming home.
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