The Conservative Cave
Current Events => General Discussion => Topic started by: Chris_ on August 13, 2008, 11:32:19 AM
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Foreclosure fallout: Houses go for a $1
The home, at 8111 Traverse Street, a few blocks from Detroit City Airport, was the nicest house on the block when it sold for $65,000 in November 2006, said neighbor Carl Upshaw. But the home was foreclosed last summer, and it wasn't long until "the vultures closed in," Upshaw said. "The siding was the first to go. Then they took the fence. Then they broke in and took everything else."
The company hired to manage the home and sell it, the Bearing Group, boarded up the home only to find the boards stolen and used to board up another abandoned home nearby.
Scrappers tore out the copper plumbing, the furnace and the light fixtures, taking everything of value, including the kitchen sink.
"It about doesn't make sense to put the family out," Upshaw said. "Once people are gone, you're gonna lose the house in this neighborhood."
Tuesday, the home was wide open. Doors leading into the kitchen and the basement were missing, and the front windows had been smashed. Weeds grew chest-high, and charred remains marked a spot where the garage recently burned.
Sounds more like a Detroit problem than a foreclosure problem.
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Sounds more like a Detroit problem than a foreclosure problem.
Exactly.....house values approaching huts in the slums of Nirobi, Kenya.....and for the exact same reasons......
doc
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oops... link: http://www.detnews.com/apps/pbcs.dll/article?AID=/20080813/METRO/808130360
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Nothing wrong with Detroit that a Biblical cataclysm couldn't fix.
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Nothing wrong with Detroit that a Biblical cataclysm couldn't fix.
...or they could just call in the obamessiah. He can fix anything. :whatever:
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Let's see. Detroit has a Democratic Black Mayor, and people want to elect a Democratic Black President?
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Once a house reaches this stage...the bank has 2 choices.
It can unload it for a $1 or the city will condemn it.....and the bank will still have to pay the monies owed on it. (taxes, h2o bill, etc).
Essentially it was a "give away"...but money has to exchange hands for legality's sake.
I had a house back in the winter that was a neighborhood "crack house". I was told to board it up after it had been accessable for 9 months. To board it, would have been ridiculous. The heat source, h2o heater, most kit cabinets, all piping.light fixtures were all gone.
It was listed for $25k.....had new siding, and windows (2 were broken) and needed a new roof plus all the other stuff. It sold in 8 days for $18k. I was thrilled. I got $1000 and so did the buyer's agent...and the bank didn't have to worry about it and I didn't have to go near it again.
I had 2 others in another neighborhood .....one had a $95k note on it and sold for $35k. The other one's note was around $80k, sold for $16k....it had a new bathroom, but the addition's exterior walls were out of pressed wood and painted!!!! The living room floor, wall and ceiling had been removed. Those were the highlights of the place.
People do unbelievable things to houses when they are being foreclosed or they are empty.
I've gone into them.....where the owners before they leave....they let their animals poop and pee all over the place. I did an interior analysis on one, where the owners had pulled everything out of the kitchen cabinets and refrigerator and threw it all on the floor (dishes, food, appliances...all of it).....then pooped all over it!!!!! (at least the weather was cold when I went to it :o...though I still came out covered in fleas)
But there are also people who leave everything in place, cleaned and take cash for keys.
The cost to banks can be enormous. Especially if you add in that the note on the house was too high to begin with.
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Let's see. Detroit has a Democratic Black Mayor, and people want to elect a Democratic Black President?
Let's not forget the democratic black mayor of New Orleans.
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Detroit is a city that is falling apart. $1 is not a bad deal though. :-)
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Detroit is a city that is falling apart. $1 is not a bad deal though. :-)
Yeah, but just imagine what it would really be worth if the dollar wasn't inflated to helll and gone.
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Let's see. Detroit has a Democratic Black Mayor, and people want to elect a Democratic Black President?
That model worked really well in LA and NOLA.
It ain't the blackness -- it is the Liberal Black Victim mindset.
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Suprisingly, although on an vaguely related subject, check out some of the reports on the former slums of South Africa. It's a fascinating transformation...
Having friends in Capetown, we have a fairly clear picture of what has happened to that country under "majority" rule, and it isn't pretty.......
I won't stoop to generalities, but I think both SA and Detriot are great case studies on how to convert a first-world area into a third-world shithole.......any thinking person can connect the dots........
As an aside, I went to undergrad school in southeastern Michigan, and during that period (60's) spent a lot of time in Detroit. I've also worked there for two different periods, once during the late 70's, and again in the mid 80's. First in the "New Center" area, and in the latter assignment down at the Ren Center.........I am simply agast at what has been done to that city, which I once thought as a "second home".....there is absolutely no doubt in mind as to the reason, and I will be difficult to convince that the inhabitants are not the overriding issue that generates these results.
doc