The foreclosure crisis has up-ended old assumptions about the relative prosperity of cities versus suburbs. In many regions waves of foreclosures have hit the suburbs hardest. In the second iteration of their “Issues in Contemporary Architecture” residency and exhibition series, MoMA and P.S. 1 will ask five teams to design interventions for five “megaregions” facing high levels of foreclosures. Like the earlier iteration, Rising Currents, the new project, Foreclosed: Rehousing the American Dream will include a residency and public workshops at P.S. 1, followed by an exhibition and public programs at MoMA. Organized by Barry Bergdoll, chief curator for architecture and design, and Reinhold Martin, director of the Buell Center at Columbia, Foreclosed “will enlist five interdisciplinary teams of architects to envision a rethinking of housing and related infrastructures that could catalyze urban transformation, particularly in the country’s suburbs,” according to a statement from the museum.