Sunday, March 26, 2006

Housing Bubble Reason #468: Thieves

The Stockton Record reveals one of the secrets behind the housing bubble.

Brazen thefts, burglaries and vandalism are hammering builders at construction sites across San Joaquin County. But it is home buyers who ultimately may pay for these crimes. In one case, a Lathrop man is scheduled to appear in court this week on charges that he stole a tractor from a construction site and used it to remove trees from his neighbor's property for $500 before dumping the damaged tractor...

"You and I are paying for these thefts," said George Brown, who heads the program's Fresno office. "If the public thinks the market is driving up home prices, they're only partially right. It's also theft from construction sites."

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