National symbol of American Dream is a foreclosure hotspot
Levitt and Sons filed for bankruptcy in 2007
An op-ed piece in today’s New York Times notes that in Levittown, empty houses and for sale signs are shattering enduring images of the post-war suburban dream. In Long Island, the home of Levittown, about 1 in 3 mortgages were sub-prime:
“[Foreclosures] may seem to be a problem for overbuilt exurbs, go-go condo zones and McMansion sprawl — not tidy, solid communities like Levittown, where the American Dream was invented.”
Levitt and his sons revolutionized homebuilding over 50 years ago through a combination of technological innovations and mass production. Levittown became the pinnacle of a society driven by middle class consumption. As the largest all-white community in the nation in 1960 (today it’s 94 % white), it also speaks volumes to the social geographies produced through the federally administered race-restricted mortgages of that era. Last year, Levitt and Sons filled for bankruptcy protection after its investments in Florida’s housing markets collapsed. Read the full story from the New York Times here
