SLUMBURBIA LOOMS ON THE EVENT HORIZON
The full onset of the mortgage foreclosure crisis, coupled with demographic changes, rising fuel prices and a host of other factors means that the suburbs could be on the way out. One analyst has postulated a future in which the suburbs, which once promised so much domestic happiness, are transformed into the new slums, with rampant crime fuelled by poverty and decay. The term “slumburbia” was not far behind.
Franklin Reserve, a walled but not gated community of 15,000 people, appears to be a prosperous development. But there are signs that all is not well. Some front lawns are unkempt, and for sale signs abound, almost matched by signs offering properties for rent. On Caprezzo Way a five-bedroom, three-bathroom house, complete with pool, is on the market for $550,000, probably $100,000 less than it would have been advertised for a year ago. Across the street a more ominous sign of the mortgage foreclosure crisis is taped to the wrought iron gate of a stucco house on Cortino Way. “Notice to quit,” it declares, telling the defaulting occupants they have three days to leave.
