Unreal.... watch this video.... we are screwed

This video shows what things are looking like in part of CA: http://www.youtube.com/watch?v=3GrMGIFvoZA

This guy goes around the state and videos how things have been falling apart for the past year. Makes you think.

Interesting video though. Seems so like..uhm.. Pompeji.

edited for nonsense.

and I have to wonder - WTF is the bank going to do with thousands of homes ending up like this all across the country? Not only do they have to foreclose, but the home becomes literally destroyed. What buyer would buy the home in this video? Not many that's for damn sure.

from this state of things.

While they were busy grabbing their profits, I guess they didn't consider, or more likely didn't care, what would happen when those teaser rates expired and people's mortgage payments exploded. It was a bad business model to start with and this is the result.

BTW, I think the makers of that video are jumping to conclusions for which they have no evidence by blaming the "angry" homeowners for the damage.

There was a house in my neighborhood that was foreclosed on and the bank couldn't be bothered to keep up the lawn or care for the pool or get rid of the rodents that got into the house and destroyed the inside. The neighbors did what they could to try to maintain the yard, but the bank lost money due to their own negligence. This happened well before the current mortgage crisis in an area that STILL has a very low rate of foreclosure. The bank screwed themselves and the neighbors that had to put up with the mess.

If the bank forecloses and leaves the property vacant, it will most likely be trashed and at least will need serious repair to be habitable. If they sell it at a loss for a percentage of what it's worth, that's much less valuable than writing off 100% of the amount of the loan. It's more profitable for them to let it get trashed and write off 100% than spend 1/3 of the income from the property for maintenance and hope to sell it and break even.

The banksters don't give a shit about the property, it's condition, or the effect on the community. They just look at profit and loss here and now. Fuck you and the horse you rode in on unless that bank or that property has you as a neighbor or well invested customer.

I'm just a tired old drunk but I don't owe anyone anything and plan on keeping it that way. I feed my neighbors dog and take her out for a walk. I don't do it because they ask me or pay me, it's what I do to maintain the concept of community. I would ask that those of you who read this ask yourselves, can you name three people who live on your street, know where they work, their children's names, had them over for dinner?

It's time to get real and put those self-absorbed "Masters of the Universe" where they belong, Genuflecting and hoping they won't be riding a pike for eternity.

:puke:

you could infer that he DID blame the home owner for trashing the place, but for nothing else.

MANY times in the video he said or implied it was done out of anger at the bank.

Watch his videos for the last year. You are telling me ALL those homes no one was angry at the bank?

There are even articles on CNN about people trashing homes once the bank starts to move in.

Have fun with that.

you won't see this on FAUX news.

Put your head under the sand if you must.

And you think *MY* head is in the sand?

I don't give a DAMN who is at fault for this. I only care that this is what these homes are ending up like all over the country. I found this video interesting to see what these homes are looking like... not the persons opinion in the video about who did it.

You are missing the big picture here. FAUX news obviously has you running around worried about who to blame all the time instead of looking at the overall picture.

and/or watch "FAUX news".

kthxbai

and stop trying to make everything about who is at fault. Instead of finding value in seeing what is happening to foreclosed homes your only concern is who is at fault. Who gives a damn really? The most important thing is home all across the country are ending up like this after the owners move out.

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The door was wide open.
Blaming the theft of copper wire on the previous owners was particularly questionable.

In fact, the stripped copper pipes lead you to believe that the vacant home was vandalized after they left.

The stealing of the copper makes me think it was someone who entered the home with the idea of stripping out anything of value. However, the slopping of paint all over looks like it was the former owners. Might be a dual effort.

Here in Ohio a friend bought a million dollar home for nearly $200K because it was foreclosed and stripped. All the plumbing stripped out.

The guy put less than $75K into the house and had a very nice house. He is experienced at home building so it was a great buy for him.

and while other people lose their jobs and homes, the people who still have money will profit. just like in the depression where the ones who still had the bucks made massive land grabs from foreclosures, destitute farmers and landowners.

And WE are going to provide filthy rich investors the money to buy these worthless structures. The American people are getting fleeced while the banks make their getaway. Corruption and malfeasance rules.

I am happy to see you posting.:hi:

have a few more days left until my last day.

Doing ok though. Can't complain honestly... I am in a better position financially than many. Just watching to see what happens over the next year though.