Wednesday, October 01, 2008

Trashing Foreclosed Homes

This video is getting wide play over the web today. It's an inside look at the booming foreclosure industry in California.

Alright, I couldn't squeeze the widescreen video clip on my blog.

Click Here to watch it.

The one homeowner said he paid $399,000 for his place merely three years ago. Today it's down to $189,000. So why should he continue making his $3,000 monthly payments when he could foreclose and re-buy his house for $1,000 a month???

Yes, this might very well happen to the Northeast as well. Adjustable mortgages and gasoline did in California. It'll probably be home heating bills, taxes, demographics, and recession that clobber us here.

2 comments:

west coast tom. said...

Hey Bro,

I know you're busy doing things like Hip-Hop Abs and Yoga and all but maybe you can elaborate (elucidate?) how I can make some dough off of this phenomenon (sp?) since I'm in the oh-so-lovely SoCal.

That reminds me - how's the weeather up there these days? gettin' chilly down here. The other day, I thought about putting on socks...

CaptiousNut said...

I think you should follow the trucks in this *trash out* videos. Seems like a lot of good *dumpster diving* to be had.

link

Apparently pawn shops and re-possessors (boats, cars, mobile homes, etc.) are doing a brisk business as well. Maybe get on the *asset* management (REO) side of the banks?

Temperatures are in the high 40s at night. A little bit tougher to get out of bed, out of the shower, or plop your hiney down on the can. Oh yeah, it's a lot darker as well.