Real estate foreclosures are coming to “safe” suburban neighborhoods
Burbank, one of the better well-to-do suburbs of Los Angeles that is home to some of the big companies like NBC and Warner Brothers, is joining the ranks of smaller but (crappier) California cities in real estate foreclosures:
Regional foreclosure filings surged 63% in 2009, triple that of California and the nation, as more area homeowners struggled to make mortgage payments, according to a widely cited real estate report released Thursday.
Burbank is a white collar area with predominantly upper middle class white folks. Low crime, high income, blah blah. According to City Data, Burbank has
- 2008 crime index of 218 vs. average national 320
- estimated median household income in 2008: $62,259 (it was $47,467 in 2000)
By any measure, Burbank is a nice neighborhood with money flowing through it, thanks to entertainemnt
<sarcasm>So apparently, foreclosures DO happen to nice towns. I thought financial disasters only occur to fat, lazy, and ugly people.</sarcasm>
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