Greensboro's housing bubble
During housing downturns, we frequently hear from people in the real estate business who want us to be more positive in our reports. Things aren't as bad here as they are in other places, they say.
Now the New York Times visits Greensboro.
The market here isn't like those of Florida or California, which have followed a boom-and-bust pattern, or of Cleveland, where foreclosures have overwhelmed entire neighborhoods. Instead, what's playing out here is a kind of paralysis, with wide swaths of the market frozen and only the very top end showing signs of life.
This may hint at what's in store for other real estate markets around the nation that managed to avoid the excesses of the last decade but still find themselves struggling now. Indeed, the recent economic trajectory of Greensboro, a city of 242,000 smack in the middle of the rolling Carolina Piedmont, has run parallel to that of the country as a whole.
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