‘Unsustainable housing meets unsustainable finance’
(Jon) Triple Pundit gives its view on the “sub-prime meltdown,” and it says it’s simply too many people buying too much house with too little money. Look at the areas hardest hit by the sub-prime collapse:
“Subdivisions built on the edges of urban areas where once arable land is bulldozed to make way for over-sized, energy-intensive houses, with landscaping consisting (of) grassy yards adorned with non-native species of trees and shrubs, the whole lot of it out of character with the natural surroundings and located so that most residents are forced to drive miles and miles to get to work, for too often there is no public transportation available.”
As they commented over at TreeHugger:
“Houses that need too much energy to heat or cool, too much gas to get to, and too much money to pay for. No wonder people are walking away.”
What lessons do the sub-prime collapse teach us? Is it too simple to say that this proves that lust really is a deadly sin after all?