Thursday, November 20, 2008

Foreclosure crisis poster child - video

For 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.

One of the code enforcement guys sums up the problem in a single sentence - “You know you’re in trouble when the lawns are brown and the pools are green!”


2 comments:

PorkyRay said...

These problems are not limited to the United States -

'We are at rock bottom'

Home repossessions rose by 12% to 11,300 during the last three months, the Council of Mortgage Lenders has said.

Nicola, who faces losing her home after falling behind with payments, told the BBC that her family were at rock bottom and sometimes could not afford to eat.

http://news.bbc.co.uk/1/hi/uk/7742686.stm

and

http://news.bbc.co.uk/2/hi/business/7741172.stm

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