This is an outstanding blog:
Click here for the author’s explanation of what it all means.
In Seattle, we were relatively insulated from the Great Recession. My 401(k) took a hit, and my property values dipped a bit, but everything recovered quickly and now we are a boom town again. I knew a couple of people who were underwater in property and couldn’t sell, but I don’t think I knew anyone whose house was foreclosed or anything like that.
Detroit evidently was the opposite of that. That is sad, and a cautionary tale for other cities (ahem) in the future.