“Federal housing policy has actively encouraged homeownership, from Jimmy Carter’s Community Reinvestment Act to George W. Bush’s ownership society. But in the Middletowns of the world, homeownership comes at a steep social cost: As jobs disappear in a given area, declining home values trap people in certain neighborhoods. Even if you’d like to move, you can’t, because the bottom has fallen out of the market – you now owe more than any buyer is willing to pay.”
