Elk Grove's East Franklin Blues, Part III

The sad saga of Shana Way

Of the several neighborhoods besieged by the foreclosure crisis, East Franklin in southwest Elk Grove seems to be baring the biggest brunt. A drive through any street in this part of town will show an abundance of for sales signs and overgrown weeds.

One such street is Shana Way.

Located near Whitelock Pkwy and Franklin, this street is pretty typical for the area. It has a variety of stylish single and double level houses that were built and sold during the real estate price run-up.

Before the real estate bubble burst, no doubt several of these homes were valued in excess of $500,000. Of course, as some of these unfortunate folks came to learn after using their homes 'equity' like an ATM's to buy gas-guzzling SUV's or botox treatments, the enduring value was a phantom.

A visual inspection of the street shows that at least nine out of the 31 homes appear to be in (or moving towards) some state of foreclosure. The indicators range from the "bank-owned" for sale signs to overgrown weeds and burned-out lawns.

According to one internet foreclosure site, up to half the homes have either been foreclosed or are moving through the process.

Imagine that, potentially up to one-half of the homes on one block will have seen some foreclosure action taken on them.

So as we sit here in Elk Grove on June 4, less than five months away from a historic presidential election, keep in mind that local politics and their accompanying land use policies often have a more immediate impact on our day-to-day life and pocketbook than the policies coming out of Washington. Who we elect to run our city council and manage our city really does matter.

We're sure those still on Shana Way in East Franklin will agree.