Apart from the piece of paper in the window, the house looks like every other Midwest suburban home in the Lakewood Springs development in Plano, a small town about 50 miles west of downtown Chicago.
But the sign makes clear the house has been repossessed by a local mortgage lender and warns against trespassing. Bob Hausler, Plano's mayor, reads the notice aloud and then pauses. “People lose their jobs, then they lose their homes,” he says quietly.
When Case-Shiller released its home price index on Aug 25, investors were cheered. As they had expected, the figures showed the pace of decline in US residential property sales continued to slow. But good economic news seems remote in towns such as Plano.
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