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Saturday, November 1, 2008

Foreclosure Alley: what madness is this ?

Watch this to see the insanity taking place in the wake of the U.S. foreclosure crisis.



I can understand the banks not wanting to be in the used furniture business but the waste and the stupidity of sending the perfectly good contents of thousands of houses to the dump is criminal. Equally disturbing are people who've become so depressed or unstable that they leave their things in these houses to be tossed or that they leave it so long that they can't afford a truck or storage to save their stuff.

I know people were stupid and short sighted in taking on this kind of debt or signing weird mortgages. I also have a fair streak of the "you made your bed lie in it" attitude, but the destruction of stuff that most of the world's population could never aspire to own is simply disgusting. Hell, I think most of the contents in the house shown are better than I own.

Surely the banks could hire charitable organizations to empty the houses and glean.

Surely the state could council these people before the foreclosure takes place.

You'd thinks the banks would learn from the great depression. The banks who foreclosed and evicted even when they knew they there were no new tenants or buyers available did not lose 20% or 30% on a property but 80-90%. The problem was without tenants to maintain a property, heat it, paint it , guard if from vandalism or squatters the homes were ruined. People trashing or burning their own homes on eviction is rising nation wide and in Nevada especially, people are being paid off to vacate homes without damaging them. In the northeast gutting empty houses for their metal pipes is rampant.

Smart banks allowed people to stay as renters for what they could afford, the people had a place to stay, their neighbours need not know the change of status so no face was lost and the banks had a viable asset they could sell later when the market improved.

The worse news is prices are still falling, 1/5 of mortgages have negative equity, and less than half of the exotic or high risk mortgates have yet to reset. These are the kind of numbers that cause chaos and revolt.Recommend this Post

3 comments:

Theresa said...

Painting the lawn. They are actually spray painting the dead brown lawn with green paint to make it seem alive. This is and continues to be western society's biggest problem: dressing things up to look like something they're not. Not having the courage to look at something and see it for what it really is. How brutally ironic.

GAB said...

My wife who watches all those house flipping shows says its been common for quite a while, I also heard the Chinese did a lot of this kind of stuff pre olympic.

Everthing is fake.

the old must look young

the young must look older and sexed up

we even make up the dead to look alive.

So fake green grass is nothing in the big scheme.

Theresa said...

Not at all: merely representative of the big 'scheme.'