Underwater
How Our American Dream of Homeownership Became a Nightmare
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Narrated by:
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Sean Patrick Hopkins
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By:
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Ryan Dezember
About this listen
A cautionary tale of Wall Street's push to turn homes into assets, Underwater is a powerful, incisive story that chronicles the crash and its aftermath from a fresh perspective - the forgotten, middle-class homeowner.
His assignment was to write about a real-estate frenzy lighting up the Redneck Riviera. So Ryan Dezember settled in and bought a home nearby himself. Then the market crashed, and he became one of the millions of Americans who suddenly owed more on their homes than they were worth.
A flood of foreclosures made it impossible to sell. It didn't help that his quaint neighborhood fell into disrepair and drug-induced despair. He had no choice but to become a reluctant and wildly unprofitable landlord to move on. Meanwhile, his reporting showed how the speculative mania that caused the crash opened the US housing market to a much larger breed of investors.
In this deeply personal story, Dezember shows how decisions on Wall Street and in Washington played out on his street in a corner of the Sunbelt that was convulsed by the foreclosure crisis. Listeners will witness the housing market collapse from Dezember's perch as a newspaper reporter. First he's in the boom-to-bust South where a hot-air balloonist named Bob Shallow becomes one of the world's top selling real-estate agents arranging condo flips, developers flop in spectacular fashion and the law catches up with a beach-town mayor on the take. Later he's in New York, among financiers like Blackstone's Stephen Schwarzman who are building rental empires out of foreclosures, staking claim to the bastion of middle-class wealth: the single-family home. Through it all, Dezember is an underwater homeowner caught up in the mess.
A cautionary tale of Wall Street's push to turn homes into assets, Underwater is a powerful, incisive story that chronicles the crash and its aftermath from a fresh perspective - the forgotten, middle-class homeowner.
A Macmillan Audio production from Thomas Dunne Books
©2020 Ryan Dezember (P)2020 Macmillan AudioListeners also enjoyed...
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Richistan
- A Journey Through the American Wealth Boom and the Lives of the New Rich
- By: Robert Frank
- Narrated by: Dick Hill
- Length: 7 hrs and 32 mins
- Unabridged
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The rich have always been different from you and me, but this revealing and funny journey through Richistan entertainingly shows that they are more different than ever. Richistanis have 400-foot-yachts, 30,000-square-foot homes, house staffs of more than 100, and their own "arborists". They're also different from Old Money, and have torn down blue-blood institutions to build their own shining empire.
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Ho Hum....being rich is work!
- By Scarlett on 06-16-07
By: Robert Frank
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The Unwinding
- An Inner History of the New America
- By: George Packer
- Narrated by: Robert Fass
- Length: 18 hrs and 4 mins
- Unabridged
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In The Unwinding, George Packer, author of The Assassins’ Gate: America in Iraq, tells the story of the United States over the past three decades in an utterly original way, with his characteristically sharp eye for detail and gift for weaving together complex narratives. The Unwinding portrays a superpower in danger of coming apart at the seams, its elites no longer elite, its institutions no longer working, its ordinary people left to improvise their own schemes for success and salvation.
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Can't understand the low ratings!
- By Janet Pittman Henley on 05-27-13
By: George Packer
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The Greatest Trade Ever
- The Behind-the-Scenes Story of How John Paulson Defied Wall Street and Made Financial History
- By: Gregory Zuckerman
- Narrated by: Marc Cashman
- Length: 11 hrs and 40 mins
- Unabridged
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In 2006, hedge fund manager John Paulson realized something few others suspected - that the housing market and the value of subprime mortgages were grossly inflated and headed for a major fall. Paulson's background was in mergers and acquisitions, however, and he knew little about real estate or how to wager against housing. He had spent a career as an also-ran on Wall Street. But Paulson was convinced this was his chance to make his mark. He just wasn't sure how to do it. Colleagues at investment banks scoffed at him and investors dismissed him.
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Better Books Now Available
- By David on 05-02-11
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Glass House
- The 1% Economy and the Shattering of the All-American Town
- By: Brian Alexander
- Narrated by: Bob Souer
- Length: 11 hrs and 7 mins
- Unabridged
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The Anchor Hocking Glass Company, once the world's largest maker of glass tableware, was the base on which Lancaster's society was built. As Glass House unfolds, bankruptcy looms. With access to the company and its leaders, and Lancaster's citizens, Alexander shows how financial engineering took hold in the 1980s, accelerated in the 21st century, and wrecked the company.
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What really happened to the American Dream?
- By Bill on 05-10-17
By: Brian Alexander
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King of Capital
- The Remarkable Rise, Fall, and Rise Again of Steve Schwarzman and Blackstone
- By: John E. Morris, David Carey
- Narrated by: George K. Wilson
- Length: 14 hrs and 42 mins
- Unabridged
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The financial establishment---banks and investment bankers, such as Citigroup, Bear Stearns, Lehman, UBS, Goldman Sachs, Merrill Lynch, and Morgan Stanley---were the cowboys, recklessly assuming risks, leveraging up to astronomical levels, and driving the economy to the brink of disaster.
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Great Story Ruined by Monotone Reading
- By Marc on 04-23-13
By: John E. Morris, and others
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How Money Became Dangerous
- The Inside Story of Our Turbulent Relationship with Modern Finance
- By: Christopher Varelas, Dan Stone
- Narrated by: Roger Wayne
- Length: 14 hrs and 43 mins
- Unabridged
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From a veteran of the trade, a provocative and entertaining voyage into the turbulent heart of modern money that sheds new light on the rise of our threatening and complicated financial system, how money became our adversary, and why finding a new course is crucial to a healthy society.
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Many-sided, thoughtful, very listenable
- By Philo on 02-06-20
By: Christopher Varelas, and others
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White House, Inc.
- How Donald Trump Turned the Presidency into a Business
- By: Dan Alexander
- Narrated by: Noah Michael Levine
- Length: 6 hrs and 32 mins
- Unabridged
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White House, Inc. is a newsmaking exposé that details President Trump’s efforts to make money off of politics, taking us inside his exclusive clubs, luxury hotels, overseas partnerships, commercial properties, and personal mansions. Alexander tracks hundreds of millions of dollars flowing freely between big businesses and President Trump. He explains, in plain language, how Trump tried to translate power into profit, from the 2016 campaign to the ramp-up to the 2020 campaign.
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Required reading for all Americans
- By Gregor on 10-11-20
By: Dan Alexander
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The Lost Bank
- The Story of Washington Mutual - The Biggest Bank Failure in American History
- By: Kirsten Grind
- Narrated by: Traber Burns
- Length: 14 hrs and 7 mins
- Unabridged
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During the most dizzying days of the financial crisis, Washington Mutual, a bank with hundreds of billions of dollars in its coffers, suffered a crippling bank run. The story of its final, brutal collapse in the autumn of 2008, and its controversial sale to JPMorgan Chase, is an astonishing account of how one bank lost itself to greed and mismanagement, and how the entire financial industry - and even the entire country - lost its way as well. Kirsten Grind’s The Lost Bank is a magisterial and gripping account of these events.
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Sad and Angry by Turn
- By Johnnie Walker on 07-24-12
By: Kirsten Grind
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Sun, Sin, Suburbia
- The History of Modern Las Vegas Revised and Expanded
- By: Geoff Schumacher
- Narrated by: Douglas R. Pratt
- Length: 11 hrs and 20 mins
- Unabridged
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Las Vegas is gambling's mecca - Sin City the Entertainment Capital of the World with 40 million visitors a year. But that's just part of the story. This carefully documented history tracks the rise of Las Vegas from its vital role in World War II, of the Rat Pack era of the 50s, the explosive growth of the 90s, and it's colossal collapse in the post 2008 real-estate crash. It offers a history of the iconic Strip, but also profiles the neighborhoods where over 2 million people live.
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Good History of Vegas - old, modern and mundane
- By Amazon Customer on 06-13-14
By: Geoff Schumacher
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Too Good to Be True
- The Rise and Fall of Bernie Madoff
- By: Erin Arvedlund
- Narrated by: Karen White
- Length: 12 hrs and 57 mins
- Unabridged
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Erin Arvedlund, the financial reporter who questioned the amazing returns of Bernie Madoff's hedge funds way back in 2001, traces the life of the infamous swindler and addresses the tough questions surrounding the collapse of his Ponzi scheme.
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Doesn't add much more that a lot of details.
- By Robert on 11-07-10
By: Erin Arvedlund
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The End of the Suburbs
- Where the American Dream is Moving
- By: Leigh Gallagher
- Narrated by: Jessica Geffen
- Length: 7 hrs and 33 mins
- Unabridged
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For nearly 70 years, the suburbs were as American as apple pie. But in recent years things have started to change. An epic housing crisis revealed existing problems with this unique pattern of development, while the steady pull of long-simmering economic, societal and demographic forces has culminated in a Perfect Storm that has led to a profound shift in the way we desire to live. In The End of the Suburbs journalist Leigh Gallagher traces the rise and fall of American suburbia from the stately railroad suburbs that sprung up outside American cities in the 19th and early 20th centuries to current-day sprawling exurbs.
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Informative, but the title is a lie
- By Marie on 08-27-13
By: Leigh Gallagher
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Your First Home
- By: Gary Keller, Dave Jenks, Jay Papasan, and others
- Narrated by: Jonathan Todd Ross
- Length: 5 hrs and 11 mins
- Unabridged
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Written by Gary Keller, Dave Jenks and Jay Papasan, the authors behind national best-sellers The Millionaire Real Estate Agent, The Millionaire Real Estate Investor, and SHIFT, Your First Home lays out the many benefits of home ownership, provides a practical eight-step process, and emphasizes the value of working with a team of qualified professionals to ensure a smooth process.
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First time home buyer
- By SometimesHappens on 02-09-18
By: Gary Keller, and others
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The Money Culture
- By: Michael Lewis
- Narrated by: Alexander Cendese
- Length: 6 hrs and 52 mins
- Unabridged
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The 1980s was the most outrageous and turbulent era in the financial market since the crash of ’29, not only on Wall Street but around the world. Michael Lewis, as a trainee at Salomon Brothers in New York and as an investment banker and later financial journalist, was uniquely positioned to chronicle the ambition and folly that fueled the decade. In these trenchant, often hilarious true tales we meet the colorful movers and shakers who commanded the headlines and rewrote the rules.
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Not the normal great Michael Lewis
- By Me on 05-12-12
By: Michael Lewis
What listeners say about Underwater
Average customer ratingsReviews - Please select the tabs below to change the source of reviews.
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- Sean O'Brien
- 12-20-20
wide ranging analysis
interesting topic, narrator was excellent, the author cover a broad range of aspects of the real estate industry
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- Kim Cano
- 07-31-20
Entertaining and Informative
My husband saw this book mentioned in an article and used his monthly Audible credit to buy Underwater. We decided to listen to it together since we had been through the housing crises and had come out on the other end, badly beaten. We finished this book in a few days while doing our steps in the house, oftentimes laughing at something hysterical the narrator had said. The author took what is a depressing topic and made it informative and entertaining.
If you want to know what's really going on in the real estate market, read Underwater.
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2 people found this helpful
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- Amazon Customer
- 07-28-20
Fantastic factual narrative!
Ryan Dezember's book really hit home with me. Having lived near southern Alabama for a few years, I was fascinated by his factual writing about the recent history of the real estate boom and bust in the area, while at the same time seamlessly intertwining his own home ownership adventure along with the changes and trends of the industry. Sean Patrick Hopkins' reading was not too slow, and had me hooked on the material.
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2 people found this helpful