I predicted this a awhile back but I called the timing too soon

*shrug*

This will be common place all over the nation like it happened in the 80s


http://www.cbsnews.com/8301-18560_162-57344513/there-goes-the-neighborhood/


(CBS News) Across America, recession-fueled foreclosures and plummeting home values have left countless properties abandoned and vulnerable to looting. As Scott Pelley reports, the problem has gotten so bad in Cleveland, Ohio, that county officials have demolished more than 1,000 homes this year - and plan to demolish 20,000 more - rather than let the blight spread and render nearby homes worthless.

The following is a script of "There Goes The Neighborhood" which aired on Dec. 18, 2011. Scott Pelley is the
correspondent. Robert Anderson and Daniel Ruetenik, producers.

Chances are the home you're in isn't worth what it used to be. You may not have indulged in the real estate bubble with its liar's loans and Wall Street greed, but you were stuck with the bill. Home values have dropped so far, so fast, that nearly 25 percent of mortgage holders today owe more than their house is worth.

And with unemployment so high, so long, many face foreclosure. If you thought your home value couldn't drop any more, have a look up and down the block. You might say, "There goes the neighborhood." The new threat from the great recession is the sudden surge in the number of abandoned houses. Vacant homes have become so ruinous to some neighborhoods that one city, Cleveland, decided it had to find a solution.

Perfectly good homes, worth 75, 100 thousand dollars or more a couple of years ago, are being ripped to splinters in Cleveland, Cuyahoga County, Ohio. Here, the great recession left one fifth of all houses vacant. The owners walked away because they couldn't or wouldn't keep paying on a mortgage debt that can be twice the value of the home. Cleveland waited four years for home values to recover and now they've decided to face facts and bury the dead.

 

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Good. It NEEDS to be done in some places (Detroit, for example).


But saying it will be "common place" is incredibly subjective. It is entirely dependent on when and if things turn around economically on a large scale. You're also forgetting, again, that cities don't HAVE money to bulldoze on a large scale. They cost something like $10k per home iirc, so where exactly do bankrupt cities like Detroit find means in which to have it done? There are reasons it hasn't happened yet and likely won't happen anytime soon.

Yup, the retard is online.

 

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LOL yeah. He's obviously not playing gay poker.

 

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them heavy equipment operators are making bank, as are the salvage artists

 

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its one thing to bulldoze rundown homes , this needs to be done.

now on the other hand you have banks bulldozing brand new sub-divisions so they can write it off for tax and insurance purposes.

 

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Wait so you said history would repeat itself? *mind blown*

THEY BULLDOZED A HOUSE!?!?!? OMG BT WAS RIGHT BUY BOMB SHELTERS AN GOLD THE ALPACALIPS IS HERE!!!

Something happened somewhere? OMG vote for Ron Paul!

 

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we playing gay poker in here?

 

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