While the housing bust is threatening to drag the entire economy into a debilitating recession, it's great news for the teenage party scene.
With a wanton lack of sympathy for the mortgage meltdown and ensuing credit crisis, teenagers in one California community are using abandoned foreclosed homes as venues for unchaperoned—and presumably "raging"—drinking parties.
From NBC 4 in Burbank, Calif.:
"With the increasing number of homes being foreclosed upon, what we're finding is people vacate these homes, other people are coming in and using these homes, often times for parties and gatherings," said David Keith of the Oxnard Police Department.
Police said the parties can involve alcohol, drugs, and sometimes more, KNBC's Gordon Tokumatsu reported.
Sadly, the only teenagers able to grasp the economic significance of widespread home foreclosures are not nearly cool enough to be invited to one of these parties.