VIDEO: Foreclosure Alley »
Posted By jovial 9 months ago in Business & FinanceFor the past few years, the Inland Empire in Riverside County has been one of the fastest growing counties in the state - home to a major housing boom. But now the Inland Empire is pretty much the poster child for the foreclosure crisis. In the newer developments, house after house sits vacant - either up for auction, for sale by a bank or going for what’ s called a “ short sale” which is when the owner owes more than the house is worth. SoCal Connected tracked down some surreal sights associated with the crisis - a company that specializes in removing whatever people leave behind in their foreclosed homes. The process is called a “ trashout” - a term the company came up with because it perfectly describes what happens.
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jovial
Grew up In Brooklyn. Joined the Navy in 1976 stayed in 10 years. Aircraft Electronics tech. Worked for Major Govt. contractor then settled in California ...
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Spadecaller9 months ago
Unchecked imperialism has devastated our nation. We now officially have a corporate dictatorship that privatizes profit for the elite and nationalizes debt. This is the sad result of trickle down economics that our one party system with two labels has given us.
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rightfromwrong9 months ago
absolutely a disaster and likely more to come as more financial people get let go and the ripple effect snowballs when people already leverage get squeezed.
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mcgrievysr9 months ago
Any comment that I would post about this video would be terribly rancorous and would be placing the blame for this catastrophe at the feet of Bush and his "administration".
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altnrg9 months ago
So sad, I read a lot about foreclosure but it is totally different to see it.
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cowboygrandpa9 months ago
jovial:
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Yeah, it is bad !!!! My daughter bought a home, and the neighbors had to leave six months later.
The pool was left to turn green and bring in all kinds of mosquitoes, there was so trash in the house that rats, mice and other vermin infested the house.
We have been over there at night with pellet guns shooting the rats off the fence they share.
The county is no help they are swamped and don't have the man power to help.
So all I can say is Fuc* the SOB's who not only allowed it but encouraged it. How many children will get sick from this, how many families will lose their homes to garbage this brings????
Don't forget the homeless who spy these properties and use them for their crashing place. Drugs, alcohol and mentally unstable people in an unprepared neighborhood.
Yeah thanks Bush. Job fuc*ed up as usual.-
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jordan119 months ago
A 90 year old woman in Ohio shot herself rather than face eviction. This is especially hard on the elderly. She took out a loan, & a line of credit a few years ago, & had trouble making the payments. What's especially sickening about this, is the lender should have counseled her that she could get a reverse mortgage and payment wouldn't be due until after she passed on. There was no reason she needed to be making payments in the first place! Thankfully she lived, and the loan company is forgiving her loan so she can go home, if she can go home after her hospital stay. :(
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http://www.cnn.com/2008/US/10/03/eviction.suicide.... -
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GehlLady8 months, 1 week ago
I was with you all the way to the last line.
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Thanks to both parties greed, with a special bouquet for Barney Frank,and Mr. Dodd.
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Candida9 months ago
Yes, that's what I found absolutely heartbreaking. I've heard of foreclosures and knew that lots of people lost their homes, but I've always imagined empty houses.
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Many years ago, we were looking for a house and, among others, we were taken to one that had been repossessed. It was a beautiful house, but the banister was damaged, as if someone had taken a machete to it. There was little left in the house except a pair of slippers, a toothbrush and some toothpaste. I remember how it made us feel. We knew we couldn't possibly buy that house, even though the price was reasonable. This is a thousand times worse.
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cleare9 months ago
yes horrible. i grew up in the inland empire and have a cousin i n lake elsinore. but i must say i used to frequently wonder why the only housing going up was not affordable for the average californian. i remember wondering how all the occupants could afford those huge houses set on postage stamp properties, and then spend 2-4 hours a day commuting.
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no way to live sustainably. -
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GehlLady8 months, 1 week ago
This Congress as well. If you leave them out you leave half the cancer.
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miklkit9 months ago
This problem is everywhere. The town of Ripon, Ca. was a sleepy farming town. Then the developers came in and built luxurious tract houses. The population tripled. The infrastructure was built up with schools, sewers, and police. Then came the crash. Now there are whole blocks of houses that are empty. The swimming pools are breeding mosquitoes. And the town is broke, with their tax base destroyed.
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Candida9 months ago
Where do all the people who lose their house live now?
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This terrible mess could have been averted if Americans weren't so paranoid about socialism, or what they call socialism. The government could have intervened at the beginning by providing a mechanism to review outrageous mortgages, and by helping the people to find jobs by moving government projects (like repairing crumbling bridges, roads, whatever) near distressed communities. Now, the "rescue package" seems to be too little too late, but that $700 billion could have helped a lot of families.
Of course, it could have also been avoided by proper regulation of banks in the first place.
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DarkWizard9 months ago
This is outrageous. Unfortunately, things are going to get worse. The next wave of foreclosures will come from home owners that will walk away from homes that they owe as much or more interest on than the value of the home. They won't have a choice as the bailout isn't going to save them from the downward spiral we are currently in. We'll see the effects of this in the next 2-3 years. Of course, Republicans will blame this on Obama as he will be President during this period (my prediction).
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cowboygrandpa8 months, 4 weeks ago
socialexpert:
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You are one sick puppy, if you think this is not bad.
Sure it is going to get worse, but this is bad !!!!!!
What are you a Republican or something ??????
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AnteUp9 months ago
Gee, and they say weve lost our manufacturing industry in he US.
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No market for heartbreak, misery, depression and suburban refugees
- not to mention deceit, corruption and greed?
Too bad - we've got enough to solve the econ-crisis, if only
we could sell it!
REGULATION is NOT the enemy. I can only hope the voters will
remember - with the same kind of rage I feel - who brought
this disaster to us! -
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tchef9 months ago
When I saw the housing prices shoot up and the types of mortgages that people where buying I know this was coming. I had no idea that it would be on this scale however. This is much worse than I ever imagined.
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GehlLady8 months, 1 week ago
I believe the CRA was a good program gone bad due to greed. The original loans made by possible by this program are mostly doing well. That attracted the speculators, and opened the door to the crazy loans that followed. With no regulations, and complete denial in Congress we now have had the biggest gang rape of the American citizen a done deal. The Democrats in Congress have as much to answer for as anyone connected to this crisis. By staying behind a party banner instead of acknowledging their role, by leaving them in power, we risk allowing them to continue their raid on our bank accounts. I say throw them all out, do the research and no matter what party, if they contributed to the problem or stood in the way of stopping it, throw them out!
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