Was talking to someone who owns a house in Ferguson, and my boss drove within 30 minutes of it. Some points.
- Dude was stuck in Ferguson. Housing prices plummeted. $200k house would sell at maybe $60k. Guy desperately wants to escape a real world SHTF event, but can't because he'd have to take an insane bath of either selling his house at an insane loss or maybe trying to declare bankruptcy. Made ok money, but not enough to sell his house and just accept the $100k debt.
- According to the waitress where my boss stopped to eat, she was another economic refugee. She previously worked at a restaurant in Ferguson that immediately shut down. She was smart and rented, so she wasn't handicapped.
Housing is dropping like a rock, which would have potential except for the intermediate rioting, looting, and general insecurity. According to said waitress, no business is opening. Any scheduled to open were abandoned. A lot of businesses are closing.
Great article, unsurprisingly from a non-American source:
http://america.aljazeera.com/articles/2014/12/8/the-fate-of-ferugsonswestflorissant.html"Nearly half of the roughly 500 businesses operating in Ferguson and adjacent communities, such as Dellwood and Jennings, suffered property damage or lost revenue as a result of the unrest, according to the regional development association, North County Inc. Sixteen businesses closed. Seven of those have yet to reopen, while four have relocated, according to a city tally."
http://www.wsj.com/articles/in-ferguson-mo-a-long-road-getting-back-to-business-1434335882Shockingly, pretty much every place that folks with guns guarding them didn't get looted or trashed. But consumer confidence was next to nothing. Even big chain stores like Big Lots, Kmart or Toys R Us shutdown. Each place that shuts down is more folks unemployed, lower consumer confidence, and less money in that area.