Industry NewsMarkets & Economy

Rust Belt city envisions smaller future

Foreclosures reshape real estate landscape: Part II

Learn the New Luxury Playbook at Luxury Connect | October 18-19 at the Beverly Hills Hotel

Editor's note: The foreclosure crisis is reshaping cities and towns across America. Planners are taking note of contributors to the current problems and are taking action to address the crisis while avoiding such massive fallout in future real estate market downturns. This three-part series focuses on the how the foreclosure wave has hit suburbia, urban communities and rural communities, and how they are responding to the challenge. Thinking small isn't easy -- not when growth is the politically hip thing to do. For struggling Rust Belt cities like Cleveland and Detroit, civic leaders need to buy into the idea that it's hip to be square and transform their communities into smaller, greener and healthier metropolises, experts say. Their future depends on it. But experts warn that making a successful transition will require a vision that breaks with tradition, a new political will, and smarter spending of financial resources currently strained by the mortgage crisis and st...