Subprime: The Miami Case Study

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According to RealtyTrac, a California-based firm that monitors foreclosures for
investors, a foreclosure notice was delivered last month to one in every 501 U.S. households.

Yet the housing crisis goes even deeper than those numbers suggest. While the burst of the housing-market bubble is nearly always pegged to the surge in risky subprime mortgages made to under-resourced borrowers over the course of the last decade, the bust is also affecting people who never borrowed a dime.

In Miami, the foreclosure epidemic encompasses not only single-family homes, but apartment buildings as well. And with a flood of people losing their homes now entering the rental market, rents are climbing.

Tomorrow, Floridians can join Laura Flanders and the Media Consortium to talk more about these issues at Live From Main Street in Miami’s Lyric Theater: “Magic City, Hard Times: How is Miami Facing the Economic Crisis and Working
Toward a Sustainable Future?”

—Adele M. Stan

Adele M. Stan is executive
editor for The Media Consortium, a network of progressive media
organizations, including Mother Jones.

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THE TRUTH...

is the first thing despots go after. An unwavering commitment to it is probably what draws you to Mother Jones' journalism. And as we're seeing in the US and the world around, authoritarians seek to poison the discourse and the way we relate to each other because they can't stand people coming together around a shared sense of the truth—it's a huge threat to them.

Which is also a pretty great way to describe Mother Jones' mission: People coming together around the truth to hold power accountable.

And right now, we need to raise about $400,000 from our online readers over the next two months to hit our annual goal and make good on that mission. Read more about the information war we find ourselves in and how people-powered, independent reporting can and must rise to the challenge—and please support our team's truth-telling journalism with a donation if you can right now.

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