TheStreet

Log In

Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more.
Forgot your password?Don't have an account? Sign Up Here

Join Us

Receive full access to our market insights, commentary, newsletters, breaking news alerts, and more.
Already have an account? Login here
TheStreet
PERSONAL FINANCE
CREDIT CARDSDEBT MANAGEMENTEDUCATIONEMPLOYEE BENEFITS
INSURANCE
MORTGAGESREAL ESTATESAVINGSTAXES
Search
Devastation Destinations: 5 Towns Walloped By The Recession

Devastation Destinations: 5 Towns Walloped By The Recession

Here are five of the most depressing towns and cities in America. Enjoy.
Author:
David Seaman
Publish date:
Sep 22, 2009 2:53 PM EDT
UNEMPLOYMENT: Atrocious. 16.7%, which is well above the national average (9.7%). POPULATION: 80,000. FORECLOSURES: 1 in every 2,214 homes is in foreclosure as of August 2009. SADDEST STORY: From Gabriela, quoted in MSNBC.com: "'I’m very sad,' she said softly in Spanish, tears welling in her dark eyes as she surveyed the cozy, two-bedroom tract home. Its walls, carpet and gleaming appliances were nearly as spotless as the day the family bought it, brand new, in 2005. The hardest thing, she said, is her three kids 'asking how long before we come back home.'" Elkhart has been the site of a large federally subsidized job retraining program that has thus far been unsuccessful at getting folks back to work. RAY OF HOPE: Elkhart is the subject of MSNBC.com's ongoing reporting project, The Elkhart Project, which may draw more attention to the region's woes... and pressure bureaucrats to get their act together. Photo Credit: royalbroil
UNEMPLOYMENT: Atrocious. 16.7%, which is well above the national average (9.7%). POPULATION: 80,000. FORECLOSURES: 1 in every 2,214 homes is in foreclosure as of August 2009. SADDEST STORY: From Gabriela, quoted in MSNBC.com: "'I’m very sad,' she said softly in Spanish, tears welling in her dark eyes as she surveyed the cozy, two-bedroom tract home. Its walls, carpet and gleaming appliances were nearly as spotless as the day the family bought it, brand new, in 2005. The hardest thing, she said, is her three kids 'asking how long before we come back home.'" Elkhart has been the site of a large federally subsidized job retraining program that has thus far been unsuccessful at getting folks back to work. RAY OF HOPE: Elkhart is the subject of MSNBC.com's ongoing reporting project, The Elkhart Project, which may draw more attention to the region's woes... and pressure bureaucrats to get their act together. Photo Credit: royalbroil
UNEMPLOYMENT: Soul-crushing. 17.6% of metropolitan Flint is unemployed. POPULATION: 124,943. FORECLOSURES: 1 in every 9,862 homes is in foreclosure as of August 2009. SADDEST STORY: Violent and senseless crime, spurred on by decades of decline and weakened faith in industry. Flint is, after all, the subject of Michael Moore's 1989 documentary "Roger & Me." This unsettling news brief is unfortunately a typical example of the city's crime: "A 21-year-old Flint man was shot to death early Thursday as he arrived home. Jovaun Wells had just returned to his home on Mackin Road near Milbourne Avenue about 1:30 a.m. when he was shot in the backyard." (Mlive.com) RAY OF HOPE: General Motors (Stock Quote: GM) plans to invest more than $21 million to build the 2011 Chevrolet light-duty crew cab at its Flint assembly plant, which will hopefully boost morale and chip away at that high unemployment rate. Photo Credit: nesjumpman
UNEMPLOYMENT: Really unlucky. Close to 20%, according to some. POPULATION: 538,653. FORECLOSURES: 1 in every 14,880 homes is in foreclosure as of August 2009. SADDEST STORY: From Ellen, quoted in KVBC.com: "'The scariest question in an interview is 'Tell me about yourself.' Well, I don't know because I really don't want to tell them about myself. What am I going to tell these people - right at the moment I'm homeless because I was stupid enough to move across the country without more money?'" She is one of 183,000 people in Nevada out of work, and the big casinos aren't exactly hiring... Vegas' gambling revenue fell 11% in July. RAY OF HOPE: Although Vegas may be hurting, it remains America's playground. We'll be back once we have that whole "crushing credit card debt" thing behind us. Promise. Photo Credit: http2007
UNEMPLOYMENT: Not exactly sunny. 16%. POPULATION: 280,000. FORECLOSURES: 1 in every 2,853 homes is in foreclosure as of August 2009. SADDEST STORY: Early on in the economic meltdown, Stockton became a favorite among mainstream media outlets looking to cover the drastic rise in home foreclosures. At one point back in 2007, the city held the dubious honor of "Foreclosure Capital USA" with 1 in every 27 households facing foreclosure. Stockton is also home to a growing number of utterly depressing tent shelters. From Ruben, a worker quoted in the Stockton Record: "'Many times, when you work in the fields, you're paying money to the guy who gives you a ride, you're paying for your lunch, you have to pay to wash your clothes at some point,' he said. 'If you're renting an apartment too, how much are you going to send to Mexico, $5? It costs more to get the letter there.'" RAY OF HOPE: According to the city's Web site, Stockton is "undergoing a tremendous economic expansion and is aggressively revitalizing its downtown" area. The city is just 60 miles east of the San Francisco Bay Area, so if that larger economy heats up, it could give Stockton a much-needed boost as well. Photo Credit: inman news
UNEMPLOYMENT: Apocalyptic. The El Centro metro area has a 30.2% unemployment rate. POPULATION: 42,002. FORECLOSURES: 1 in every 262 homes is in foreclosure as of August 2009. SADDEST STORY: El Centro was named one of the "hottest cities for entrepreneurs" by Inc. Magazine... back in May 2006. Good luck getting that award again. RAY OF HOPE: None whatsoever. Photo Credit: bberburb

Elkhart, Ind.

UNEMPLOYMENT: Atrocious. 16.7%, which is well above the national average (9.7%). POPULATION: 80,000. FORECLOSURES: 1 in every 2,214 homes is in foreclosure as of August 2009. SADDEST STORY: From Gabriela, quoted in MSNBC.com: "'I’m very sad,' she said softly in Spanish, tears welling in her dark eyes as she surveyed the cozy, two-bedroom tract home. Its walls, carpet and gleaming appliances were nearly as spotless as the day the family bought it, brand new, in 2005. The hardest thing, she said, is her three kids 'asking how long before we come back home.'" Elkhart has been the site of a large federally subsidized job retraining program that has thus far been unsuccessful at getting folks back to work. RAY OF HOPE: Elkhart is the subject of MSNBC.com's ongoing reporting project, The Elkhart Project, which may draw more attention to the region's woes... and pressure bureaucrats to get their act together. Photo Credit: royalbroil

1 / 5
Tags
terms:
Personal FinanceFinancial Planning
By
David Seaman
Wealthy Asians Eager To Join Sustainable Investing Bandwagon After Covid-19, But Express Concerns Over Returns
JIM CRAMER

Investor Revolution: Cramer's 'Mad Money' Recap (Thursday 2/11/21)

  • By Scott Rutt
VeriSign (VRSN) Stock Sharply Higher in After-Hours Trade on Q3 Beat
EARNINGS

VeriSign Raising .COM Registration Fee, Boosts Share Buybacks

  • By Tom Bemis
Aurora Cannabis Lead
EARNINGS

Aurora Cannabis Loss Narrows on Improved Sales

  • By Tom Bemis
Disney Lead
INVESTING

Disney Rises on Surprise Quarterly Profit; Disney+ Subs Rise

  • By Tony Owusu
tslive-th-0211
VIDEO

Jim Cramer on Bumble, Crypto, Chip Shortage, Stock Market Thursday

  • By Katherine Ross
Jim Cramer: Tribune Needs To Take Gannett's Money and Run
INVESTING

Tribune Publishing in Talks to Sell to Alden Global

  • By Tony Owusu
GM, Ford and Fiat Chrysler All Report Sales Declines in January
INVESTING

GM to Invest $100 Million in Plants to Boost Truck Transmission Capacity

  • By Rob Lenihan
Bumble App Lead
INVESTING

Stock Market Today With Jim Cramer: Bumble Is a Buy

  • By Vidhi Choudhary
TheStreet
  • Terms Of Use
  • Privacy Policy
  • Advertise
  • Reprints
  • Customer Service
  • Data
  • Topic Archive
  • Subscriptions
© 2021 TheStreet, Inc. All rights reserved. Action Alerts PLUS is a registered trademark of TheStreet, Inc.