The Summer of Our Foreclosure

Of all the indicators of a housing bubble, the biggest may be how many people are willing to buy into a housing development as remote as Rancho Hacienda, a walled community built next to a rickety village of laborers stuck in the most arid section of a vast farming valley. The initial delight of the parents and frustration of their children at buying a home so far away from civilization is soon turned upside down, with the children reveling in the freedom created by parents gone missing thanks to lengthy commutes and exhaustion. As home values plummet, higher rates kick in, and foreclosures mount, a number of parents decide to spend their last days in the neighborhood creating the kind of atmosphere they had imagined when they first moved in: making time through a variety of means to barbeque, have block parties, and infringe on the independence that their children had grown used to. Nick’s parents are the instigators of the long good-bye, and it is from his perspective that we look back on that summer when the bubble burst.