Wednesday, May 30, 2007

Squatterville

Housing Bust Consequence #439: Suburban Squatting

From KCRA (video here):

Squatter Causes Anxiety For Neighbors

Residents of Voltaire Drive in west Roseville said a man is "squatting" in his former home that is now owned by the bank.
...
Neighbors say the woman who did own it left suddenly. County records also show she filed for divorce and took her two children with her, aged 9 and 18 months. Neighbors said the woman's husband has been living in the home, even though it's in foreclosure.

The city of Roseville confirms the power to the house has been shut off. Neighbors worry the man could be cooking with propane, and could spark a fire or even an explosion.
...
The city and the police department say the matter is out of their hands because Washington Mutual, which owns the home, has not evicted the resident.
Hat tip Max.

7 comments:

Perfect Storm said...

I think these adds credibility to the theory that the financial institutions do not have the resources in place to handle the tidal wave of foreclosures.

Perfect Storm said...

I meant "this".

john67elco said...

Here is a news report with a half off nobody wanted house. Sac is toast!

http://tinyurl.com/yoky4g

http://www.youtube.com/watch?v=dgtpxBPYnvE&eurl=http%3A%2F%2Fwww%2Eitulip%2Ecom%2F

WatchingTheBubble said...

Hi Lander,

You might find this article from money.cnn.com of interest -- it addresses borrowers who ended up with subprime loans but were qualified to get prime loans:

http://money.cnn.com/2007/05/29/real_estat...dex.htm?cnn=yes

AgentBubble said...

I couldn't get that link to work, but try this one:

http://tinyurl.com/2kw8s8

My favorite quote:

"People take things too nonchalantly," said Hardester. "If you've got plenty of money and don't mind not getting the best rate, listen to your realtor."

Diggin Deeper said...

Perfect Storm

And the government doesn't have the money to bail these people out.


USA Today reports Taxpayers on the hook for $59.1 Trillion in liabilities.

http://www.usatoday.com/news/washington/2007-05-28-federal-budget_N.htm?csp=34

"The federal government recorded a $1.3 trillion loss last year — far more than the official $248 billion deficit — when corporate-style accounting standards are used, a USA TODAY analysis shows."

Bottomline....each US household now owes $516,348.

Now that's an eye opener. Reports say $248 Billion deficit. Corporate accounting methods reveal a truer picture at $1.3 Trillion.

No wonder inflation is rising and dollar is on its way out as the world's currency.

Michael said...
This comment has been removed by the author.