Exile on Jones Street

NYT this morning has a look at how the housing slump is affecting various states. How this will play out in NC isn’t so easy to figure. Interesting quote from the article:

Census data show that fewer people than usual moved into Florida last year. And an abrupt halt in the growth of public school enrollment this year suggests that families are leaving. Despite dropping prices, communities like Naples, Miami and Sarasota still have some of the most overvalued real estate in the nation, according to Global Insight, a research firm in Waltham, Mass.

“People are packing up the equity and moving to North Carolina and Tennessee,” Mr. Snaith said.

CBS also had a look at suburban poverty in N.C. here.

In the three counties surrounding Greensboro, N.C., the city half an hour south of where Johnny Price lives, the poverty rate has surged in recent years. It now stands at 14.4 percent, only slightly below the level in New Orleans.

Greensboro, it turns out, is not alone. Last December the Brookings Institution published a report showing that, from Las Vegas to Boise to Houston, suburban poverty has been growing over the past seven years, in some places slowly, in others by as much as 33 percent. “The enduring social and fiscal challenges for cities that stem from high poverty are increasingly shared by their suburbs,” the report concludes. It’s a problem some may assume is confined to the ragged fringes of so-called “inner ring” suburbs that directly border cities, places where the housing stock is older and from which many wealthier residents long ago departed. But this isn’t the case. “Overall…first suburbs did not bear the brunt of increasing suburban poverty in the early 2000s,” notes the Brookings report, which found that economic distress has spread to “second-tier suburbs and ‘exurbs’” as well.

The result is a historic milestone that has gone strangely ignored: For the first time ever, more poor Americans live in the suburbs than in all our cities combined.