The relatively affordable housing developments are tempting enough, but coupled with special mortgage sweeteners, they become impossible to resist for those at the margins dreaming of homeownership.
These marginally qualified homeowners, coupled with economic turmoil, eventually leads to foreclosures and depressed prices, begetting more dreamers lured by low prices, etc. until the housing market tanks.
Unless real economic development (not headline grabbing subsidized automobile plants, etc) occurs in this city, via synergistic growth by entrepreneurial migrants and locals, there will not be any "real" rise in home values.
Of course, eventually, all will be forgotten, and another false economy will be created, collapse, ad infinitum.
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