Wednesday, April 2, 2008

The Dollar Falls, The Predators Awaken (William Grigg)

William Grigg on how the tanking dollar is resulting in new forms of crime:

Not terribly long ago, it was common to hear of people "taking money out" of their homes. It was as if those houses were equipped with magic ATM consoles through which some portion of their inflated market value could be transmuted into cash.

Many houses of that sort have since been repossessed and are the property of banks. (That is to say, they are now the acknowledged property of banks, since an occupant with an unpaid mortgage doesn't really own the house in which he lives.)

And now an increasing number of foreclosed houses aren't fit for resale because thieves have literally been taking money out of them by cannibalizing their copper plumbing and wiring, as well as any other metals that can be bundled together and sold to scrap metal dealers.

Read the rest

1 comment:

badar said...

Its been a long time since i have read this professional explanation of foreclosed properties. To avoid foreclosures we have to be very careful and focused on things around. Sometimes a foreclosure freeze also works but not for everyone.
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foreclosure freeze