Given energy costs and current foreclosure trends, Phoenix and Las Vegas will not be able to survive for much longer. These cities are basically kept functional thanks to long distance trucking, and to positive property values. Neither of these fundamentals are there any more. What do you expect building a metropolis in the middle of a desert? The same applies to Dubai, although they may have a few more years while they can dip their toes in their oil puddle.
More than 4 million homeowners were at least one month behind on their loans at the end of June, and almost 500,000 had started the foreclosure process, according to the Mortgage Bankers Association.
Cascading foreclosures over the past two years created a domino effect in the lending industry, undermining investor confidence and forcing the Bush administration last weekend to announce the greatest rescue package and market intervention since the Great Depression.
"I did not understand that in two years, this would adjust out of control," she said. "Nobody deserves what I've had to go through."
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clipped from news.yahoo.com
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