"Dying Memphis Neighborhood Foretells Next U.S. Crisis: Mortgages
When Rebecca Black bought the three-bedroom house at 698 Hazelwood Road in southwest Memphis in May 2005 and moved in with her two teenage sons, it was a quiet community. Children played in the street and neighbors tended their yards. She could afford the $57,000 mortgage if she skipped oil changes for the car and served the boys store-brand groceries.
Then trouble came.
Her next-door neighbor died, and his family lost the house. Across the street, there were two foreclosures. One morning, the abandoned house three doors down had gang graffiti spray-painted on the side. A girl in the neighborhood pulled a gun on Black’s son"
More at:
http://www.bloomberg.com/news/...risis-mortgages.html
Rather sad, from my viewpoint, as Memphis was the first large city I was exposed to and have fond memories of the town.
Raised in the Shoals, we used to read the Sunday Memphis paper (Commercial Appeal, I believe). My dad spend spent a great deal of time there on the GI bill, when I was small. Visited the city regularly as a kid -- zoo and Pink Palace museum, plus good barbeque. As a teen, my dad took me on trips to familiarize me with big city life -- enter bus from the front and exit from the rear to keep the traffic flowing. What areas were safe and which weren't. Back then, we took the train.
I remember Memphis as a bustling city. As an adult, I visit and love the Peabody Hotel -- great restaurant, although, no duck, of course. Visiting Knoxville, Nashville and Chattanooga, I see prosperous towns, especially in contrast to Memphis. Dems -- another Detroit to add to your scalp belt.
ooooooooooooooooooohhhhhhhhhhhh
that continued “rising inequality” will exponentially create more unfortunates 
of it, of whom will attach themselves to the next comfortable city, destroying it and ‘scribing round inflicted unending torture of men’s souls’.
