Frontiers is a series of photographs that document houses on the forefront of interaction with the economy and the environment.
Taken in 2009, these images depict Merced and Malibu, two distinct communities in California, one reeling from the miscalculations of market speculation, the other struggling with the effects of climate change.
Foreclosure Alley documents the impact of the subprime collapse in Riverside County, California.
Originally broadcast in September 2008 – the critical month of the crash – this news piece on the ‘trash-outs’ of homes abandoned by their underwater owners is quite staggering in its depiction of the waste, tragedy and stupidity of the time.
And in the end, in terms of home values, it will have all been for nothing:
It would be interesting to see a similar graph for prices in Canadian provinces/cities…
the tag for the photos doesn’t work
The link for Frontiers is apparently incorrect.
as someone explained in a comment on the referred article: it is ludicrous to invoke global warning to explain the coastal erosion, when it is a very natural phenomenon, eventually amplified by local modification of the eco-system.
(urbanization, … ).
regarding the real estate bubble burst (the sub-prime crisis is only a consequence of he former, not the cause),
It is interesting to show that the worst effect have felt in the sprawling suburbs:
“”We built too much of the wrong product in the wrong locations,” is what is concluded in this eye opening article of the LA times:
http://articles.latimes.com/2010/mar/30/business/la-fi-hemet30-2010mar30
If you believe Vancouver RE is immune to a correction: it is what also SoCal was believing, and as late as June 2008, you could read in the local newspaper article like the one the Sun has recently published explaining why we are “different” here (California has been hit later than other state)
At the end of the day, RE doesn’t appreciate much better than inflation. the Schiller graph provided in this blog can be confirmed for other country, and for some we can track back the market on 800 years, yes 800 years:
http://www.cgedd.developpement-durable.gouv.fr/IMG/zip/Friggit_compar_4_secular_indices_cle7f136c.zip
Link works now.