A lack of room on-campus is forcing college youngsters to move into houses in the overbuilt planned communities.

The New York Times has an interesting article examining how the downturn in the real estate market in Merced, California has led to hundreds of college students renting luxury homes in overbuilt areas.

The city has been one of the country's hardest hit by home foreclosures (it is ranked third nationally, behind Las Vegas and Vallejo, California) and students from the University of California are facing a shortage of dorm space (5,200 are enrolled, with room for only 1,600 students in the campus dorms), so they have been presented with an unusual housing opportunity.

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