LATHROP, Calif. — Drive along foreclosure alley, through new planned communities that look like tile-roofed versions of a 21st century ghost town, and you see what happens when people gamble with houses instead of casino chips. Dirty flags advertise rock-bottom discounts on empty starter mansions. On the ground, foreclosure signs are tagged with gang graffiti. Empty lots are untended, cratered with mud puddles from the winter storms that have hammered California’s San Joaquin Valley.
Nobody is home in the cities of the future.
In a decade, they saw real property defy reality in real time in these insta-neighborhoods that sprouted in what had been some of the world’s most productive farmland.
