As markets rise in anticipation of a fix for CIT and analysts ask whether improved bank earnings are a sign that the economy has bottomed out - things are getting desperate in many communities as the number of empty houses blights entire areas.
150 Katrinas is how one person describes this:
“I would say it’s hurricane season for foreclosures and 150 Katrinas are pounding urban neighborhoods across the country,” he said. “It’s forcing us to reinvent the way we do community development.”
Noting that 654 homes in New Jersey were repossessed in February, Mr. Morrissy added, “We have to grow the scale of our commitment — rescue troubled properties, organize citizens as neighborhood guardians, get new homeowners into the picture — or this thing is going to devour us and our neighborhoods.”
Is is a surprise that I see this headline today? (NPR)
-- The Washington Post -- "Poll Shows Obama Slipping On Key Issues": "Heading into a critical period in the debate over health-care reform, public approval of President Obama's stewardship on the issue has dropped below the 50% threshold for the first time, according to a new Washington Post-ABC News poll Obama's approval ratings on other front-burner issues, such as the economy and the federal budget deficit, have also slipped over the summer."
