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COMMENTS: Home Less
The real estate story has been reported using statistics for months now. CBS' enterprising John Blackstone took a trip to the San Francisco exurbs to flesh out the data. He picked the community of Manteca in San Joaquin County. During California's housing boom, developers built 30,000 new homes there; the city has seen 11,000 defaults in the last 18 months--"half million dollar houses, often bought with nothing down, turned into suburban blight." Blackstone showed us unwatered lawns, mosquito infested swimming pools, garages used by homeless squatters. The reporter and the auctioneer were the only two to turn up as a $620K home was put on the block on the courthouse steps for $464K. No bids.
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