Housing Markets That Will Never Recover

Real Estate Agent with Berkshire Hathaway HomeServices NE Properties

I just read an article on Yahoo which listed the worst housing markets in the country.   They didn't list Waterbury, CT but they might as well have.  Waterbury's mill rate just increaseed from 39.92 to 41.8 to cover the costs of running a city that has suffered from corruption in the Mayor's office for decades. 

Former mayors, in an attempt to enrich their own pockets, made sweetheart deals with the police and firefighters' unions allowing the unions to collect great pay, and then move outside the city limits to live.  These servants of the city now live in McMansions in the surrounding towns where the mill rates never top more than 25.  How can a city thrive when the individuals who work for the taxpayers of the city are allowed to take their wages and go, depriving the city of its tax base?

Merriam-Webster defines a traitor as: 1) one who betrays another's trust or is false to an obligation or duty and 2) one who commits treason.  Maybe, if we, as a people, start demanding our corrupt politicians be prosecuted to the full extent of the US code on treasonous acts, they wouldn't be so quick to forsake their public duties for money and power.

Comments (2)

J. Philip Faranda
J. Philip Faranda (J. Philip R.E. LLC) Westchester County NY - Briarcliff Manor, NY

Ruth, Waterbury and several other places (Newburgh comes to mind) truly do have problems that will take decades to overcome it seems. 

Jul 11, 2010 03:56 AM
these cities wil never come back as long s they are centers for social services instead of centers for manufacturing. you give up all your wealth when you send production overseas. Maybe that's what the great recession is all about - bringing mfg jobs back at a reduced std of living, sort of like the 3rd world . thanks for your dialogue!
Jul 11, 2010 06:13 AM