By: Pauline Millard Home foreclosures are big news these days, and it seems like no community is immune to the fall out of the subprime mortgage crisis.
On Friday I wrote about how
The Detroit News reported on home foreclosures in the area.
The Charlotte Observer put together a
similar package that focuses on foreclosures in its area. Like The Detroit News project, it explains how subprime mortgages lured in people who had little to no savings and were ultimately hurt by their shortcomings. The Charlotte package also puts the heat on Beazer Homes USA, the company that built the homes and arranged financial incentives for many of the buyers.
The Observer also has maps of the areas where many homes are being taken away, adding a powerful visual element to the package.
While it's terrible when anyone loses their home, I think it's great that so many papers are using the web as way to explain the complex issue that is the subprime mortgage fiasco. Personally I think it's unlikely that such a fallout could happen again, given how wary banks have become about lending. What packages like Charlotte and Detroit's do is educate the consumer about the mortgage process while underscoring the importance of personal savings and financial literacy.
Here are some of my past Picks:
'St. Petersburg Times' Looks At
What's Happening At The Zoo'The Detroit News' Looks At
Local Foreclosures'Wash Post' Site Examines
Iraq's Impact on Voters
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