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More Links of the Day:

– Data compiled by Zillow shows 12 percent of homes in Monroe County are underwater, meaning they’re worth less than the owners owe on their mortgages.

The figure seems high, because Monroe County homes didn’t depreciate that much during the housing bust. But zoom into the City of Rochester. Northeast neighborhoods and Maplewood are in big trouble, with a third of the homes underwater. Some zip codes of those zip codes in northeast Rochester emptied out over the last decade.

While not as bad as the housing crisis in Atlanta and Las Vegas, this is not a good situation for Rochester. Neighborhoods can be further destabilized and these houses can more easily fall into the hands of banks and absentee landlords. Properties can be abandoned, becoming targets for arsonists and vandals. Maplewood has so far been able to stave off blight. Northeast Rochester has been in decline for a long time.

– 19th Ward neighborhood leaders are frustrated with young families moving out because of the schools.

– See U.S. prisons from the sky. This is a stunning map.

– New York State has a new I Love NY campaign. You can draw a picture in place of the heart. Or just watch this commercial:

2 Responses to Underwater

  1. May 30, 2012 at 1:40 pm Reggie Henderson responds:

    What’s stunning about the U.S. Prisons Map? Is it the large number of big prisons? Visualizing what’s a lot for the whole country doesn’t really work for me. I counted and it was over 700 which is over a dozen per state.

  2. Pingback: Why Are Upside-Down Mortgages A Problem? | The Pretense of Knowledge

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