The Housing Bubble | Correr Es Mi Destino

The Housing Bubble (1/10)

15 November 2008By Zhu 15 Comments

Amer·i·ca·na
Pronunciation: \ə-ˌmer-ə-ˈkä-nə, -ˌmər-, -ˌme-rə-, -ˈka-nə\
Function: noun plural
Date: 1841

1: Materials concerning or characteristic of America, its civilization, or its culture ; broadly : things typical of America
2: American culture

In this series, I’d like to explore various aspect of life in North America. Each topic will be illustrated by a black and white picture.

A Burst Bubble

Owning a house. The true American dream.

North America is a land of settlers, a place where everything is possible, even buying one’s little piece of heaven. Land and a house on it. Far from expensive Europe or overcrowded Asia. A lot of households make it. Home sweet home.

Some weren’t that lucky this year. Subprime crisis, economic crisis, and the bubble burst. For a while.

Houses already built are waiting for buyers. Rows and rows of them, neatly lined up.

Picture: Ottawa, Neapan area, October 2008.

15 Comments »

Annie said:

I know zhu! But when time rather bad time comes people start believing in “Beg/ Steal/ Borrow” And thats how this vicious circle starts

# 19 November 2008 at 3:11 pm

NewWrldYankee said:

Oh, how true is this picture. People so just live to for that dream, but actually now at least, it is cheaper to do so. Too many foreclosures.

Btw, I love the post idea..It’s giving me ideas in fact. Can’t wait to see more! GIVE ME MORE!! =)

# 19 November 2008 at 7:47 am

Zhu (author) said:

@Aiglee – But you planed your dreams and you seem down-to-earth… a lot of people weren’t.

@Monica – So neighborhood really look dead in OTtawa, not so much because people were evicted (we are not to that extend as far as I know) but because so many houses were build… and no one has the money to buy them now.

@Annie – Time and maybe learning from our mistakes. We did make a lot… borrowing is not a way of life.

@Baoru – Yeah, and take out is cheaper than live-in