Remember that one-bedroom pre-WWII house with 500 square feet of floor space on a small lot in Compton, CA that sold for $340,000 in 2007? It’s now on the market for $69,900, a price that somebody who doesn’t have enough money to move straight outta Compton might conceivably be able to afford.
A dump in Compton
Fortunately, the Obama Administration has promised to announce on Wednesday a comprehensive program to prevent housing prices from falling to affordable levels like this. Bubble Forever!
