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THE NEXT CRASH.(housing markets across the country )

The New Yorker

| November 11, 2002 | Cassidy, John | COPYRIGHT 2002 All rights reserved. Reproduced by permission of The CondÃ© Nast Publications Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

On July 8, 1949, the Long Island Star Journal published a full-page ad for a community of affordable homes that the developer Levitt & Sons was building on a tract of farmland near Farmingdale, about twenty miles east of Queens. The ad featured an eight-hundred-square-foot ranch house on a sixty-by-one-hundred-foot plot. "This is Levittown! All yours for $58!" a month, the ad read. "Practically everything you can think of is included in that price. Refrigerator, range, Bendix, Venetian blinds, General Electric oil burner, legal fees, appraisal charges--yes, sir, the whole works are in." Prospective buyers could choose from five slightly different models, which were all ...

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