And now a tale of multiplication and subdivisions.
If you want to see a snap shot of the Great Recession, how it all started, and why it probably isn't ending any time soon, all you need to do is take a quick spin around the endless suburbs of Bakersfield.
I had a few minutes to kill yesterday, so I did a 2 mile loop near our neighborhood.
Let's take a little tour, shall we?
A long time ago, in a housing market far, far away, the subdivisions of Bako marched relentlessly into the farmland, spreading like a virus.
Who was going to live in these houses? Who cares! Trade up!
So many "neighborhoods" to choose from, and more arriving every day!
Bella Terra, Terra Vista, Vista Terrabella, take your pick! Would you prefer an Estate, or perhaps a Villa? There's plenty to go around!
But it didn't last.
Now they're all sitting unsold, slowly rotting in the dust that blows in from the adjacent fields. Prices slashed. For the poor souls who bought, they might as well be called "The Villas at Altlantis" because they're going to be underwater for a very long time.
What do you do when the identical home next door sells for half what you paid?
You walk away. And they are.
And since they can't sell the homes they've already built, they've pulled the plug on "Phase Two".
And "Phase Three".
And "Four".
Imagine the folks who bought homes out here thinking they might actually, have, you know, "neighbors".
At least there's plenty of room for the kids to play. In the landfill next door.
Those schools and shopping we promised to build out here in the middle of nowhere? Maybe someday. In the future. When we all have flying cars.
So one thing seems crystal clear... it's going to be a long, hard road out of all this.
And I have a sneaking suspicion that road doesn't run through Vista Bella Terra.
