American ‘Ghost Counties’ – Parts of the nation are being dubbed as American ‘ghost counties’ due to high unemployment. It has also caused a high rate of foreclosures. They were once the booming areas and many of them were tourist destinations.
The economy was strong and overbuilding was necessary to keep up with the booming areas. But now, most of the neighborhoods are about 55% empty in some counties. We review 10 places in America that have such a vacancy.
Lake County, Michigan was once a big fishing destination. Residents of nearvy industrial centers would take long vacations. However, the county has seen its fortunes decline as the number of second-home owners there has dropped.
Vilas County, Wisconsin, is located on the north border of the state. It has depended on tourism and logging, forestry and construction industries. The entire industry has declined dramatically during the recession.
Summit County, Colorado, has seen a major drop in revenue. It’s home to several ski resorts west of its capital city. It’s been hit hard and property values are projected to keep falling.
Worcester County, Maryland, is one of the hardest hit places in the northeast. Residents are leaving and foreclosures are skyrocketing. The county has experienced an drop in its tax base.
Mono County, California, is home of the official “gold rush” town. However, this area has seena huge drop in property tax receipts. It’s located near a major mountain chain and a national park.
Dare County, N.C., is yet another vacation destination that’s seen a huge drop in tourism. The area hasn’t been able to weather the recent economic storm without drops. It’s tax base is on free-fall.