The American Dream, housing bubble, and wrecking balls converge in Cleveland, Ohio.

[USZombeeKing]

More HOPE and CHANGE is coming in 2012...get ready for another turn in that roller coaster ride!

[vaxter2]

may appear to be a stupid question... but where have all these people that have abandon their home gone to ?? 

[DoNotCiv]

Un-frickin-believable.

[EconCat88]

@DoNotCiv

I agree. I don't think enough people realize just how scarce certain resources are going to be during the coming decades. While there are some structures that should be demolished, destroying homes that are liveable is disgusting.

[AryanKnight]

~$hamefully corrupt Bank'sters are intentionally destroying the frail infrastructure of our AmericanDream, now 'nightmare' for millions of out-of-work Americans;  --Zionist Rothschild/Rockefeller et'al Bankster-mafia has already been paid a Trillion-$, while most of the Judicial-system cooperates to facilitate their on-going millions of Fraud'closures, --forcing people to become homeless, -regardless that they have vested their life-savings hope for leading a respectful, healthy life.!!!

[MrBigoj]

@EconCat88 fact of the matter is this is the result of what happens when too many hands are in the cookie jar

[MrBigoj]

@EconCat88 I called this 16yrs ago and the problem has gotten bigger over the years didn't matter who ran the cites and state Democrats or Republicans the biggest share of the blame for this problem is corruption, greed, and big fat lies

[MrBigoj]

@EconCat88 it is true this problem started a long time ago I was born and raised on the East side of Cleveland homes as been abandoned,condemned,and vacated since I can remember I'm 34 years old now and living In North Carolina and I've been warning Clevelanders about this years ago

[78ramjr]

And lets not forget no matter who these people voted for, OHIO is a republican RAN STATE so if you want to blame someone blame the STATES LEADERSHIP

[EconCat88]

@78ramjr

Unfortunately, Lucas County and Toledo, where I live, has one of the highest % of Democrats than any part of US. My guess is Cuyahoga County and Cleveland are similar.

[78ramjr]

It is amazing how some of the comments on here try to blame Obama for the current housing situation. These problems started long before he came into office. I see some of these comments as nothing more than racist rants. If you are still on the fact, that OUR PRESIDENT is mixed, then it is time to wake up and get off of the tea party wagon and do something to make a difference.

[TheGrayman1234]

Crazy stuff. Thanks for sharing.

[matschbirne111]

you americans should consider yourself lucky - in germany onennot walkbaway. the debt will haunt you.

[Britta176]

So kann man nicht leben! Hier ein Lösungsvorschlag aus Germany: In Germany hat das städtische Wohnungsamt ein Beschlagnahmungsrecht über eine Wohnung oder ein Haus, wenn es einen Räumungsgerichtsbeschluss gibt. Das heißt, wenn die Wohnung vom Amt beschlagnahmt ist, darf sie trotz Gerichtsbeschluss nicht zwangsgeräumt werden und die Familie kann weiterhin in der Wohnung bzw. Haus wohnen bleiben. So muss es auch in den USA laufen, so ein Gesetz muss her!!

[jvolstad]

I have to wonder about people who have been paying on their house for 23+ years and still loose it to foreclosure. My guess is that they were using the property as an ATM and now it's massively underwater. Too bad. I have no sympathy for them.

[KeithCindyPanama]

Our HOA has increased it's rate to homeowners for forclser & delincrint home owners& court costs.

[TheGrayman1234]

@KeithCindyPanama I will never purchase a home in an HOA.

[KeithCindyPanama]

When we boaught our 4br Twhouse in 2004 for $340,000 and it was an as is house now it's worth $220.

[slobomotion]

My last visit to Cleveland, I took my French spouse. He was shocked by Euclid Avenue in 1994, so empty after it all burned in the '60s. Never was rebuilt. The city has been downhill since WWII. We took an Amtrak train from NYC and there wasn't even a station! We visited my brother in Warren, lives in a one room pink shack on a toxic waste superfund cleanup site. Still there, wife and kid gone.

[916deez]

Im no Obama fan but I hope you realize it does not matter who is in office. Both parties are owned by the banks. The President does not run this country he is only a pawn. The takedown of the USA is only in phase 1 we are in for some very tough times. END THE FEDERAL RESERVE!!!! they are a private corporation destroying your country

[EconCat88]

@916deez

That's why the establishment is doing what it can to prevent Ron Paul, and more importantly, his ideas from being discovered by most Americans. If they didn't kill him first, Ron Paul in the White House would help the economy return to the correct path. It cannot be corrected now without utter disaster. Most people don't want to accept that fact.

[916deez]

@916deez Agreed 

[mrzack888]

i was about to watch this but the football game distracted me and i ended up watching that instead....

[dweber66]

You mean Obama's "Hope & Change" is bullshit?  "No We Can't"

[EconCat88]

@dweber66

Next year, Cleveland will line up like a bunch of suckers and vote for BO, just like they did in 2008.

[dweber66]

@EconCat88 -- I keep picturing all those hoodwinked idiots at his inauguration with tears running down their faces... :-) Little did these sheeple realize that their "savior" BO was really sent as America's final executioner...

[EconCat88]

@dweber66

I totally agree. I can close my eyes and see those same 4 people @ 7:40 jumping up and down excited when BO won. Likely also believing every problem they ever had was solved, and would live forever in perpetual prosperity. This housing collapse was obvious, but I'll admit I was a bit early calling the top. 

[dweber66]

@EconCat88 -- Do you think any of those BO zombies who cried at his inauguration will see the irony of the tears on their faces soon when they are crying in hunger, despair, homelessness and joblessness? Maybe they will just keep blindly repeating "Yes We Can" over and over thinking their puppet "savior" BO will rescue them in the final minutes... NOT !!!

[EconCat88]

@dweber66

Those 4 people sitting at that table will be casting their BO votes next year, just as they did in 2008. They will believe the "excuse" that he needs more time to "fix" the mess that Bush left on the table.

[rayme4raw]

My parents retired in May of 2006 and got a second mortgage to buy their retirement home before selling the first house. They never in their life have failed to sell one of their homes. It's been over 5 years & they are finally looking to walk away because they can no longer afford to make 2 mortgage payments & they have an evil sociopathic tenant renting one of the rooms in the first house that is destroying the property which they cannot seem to evict. It's crazy.

[EconCat88]

@rayme4raw

That's a crazy story Rayme.  In what city is that happening?

[rayme4raw]

@EconCat88 Fox River Grove, IL, outside Chicago. We wait to hear tomorrow what the judge has to say. The tenant apparently knows how to work the system, but she's pissing off the judge. My mom is furious that the tenant has more rights than the homeowner. The tenant has rotting food throughout the house, an outside lock on her bedroom door and she calls the cops when people move her stuff twice, no crime. We're ready to walk away & stop paying on all utilities but gas which runs the heat.

[justgetsome]

@rayme4raw ..they shouldn't have taken on debt at their age in the first place. no one put a gun to their head and said 'over-extend'. you make your bed you lie in it.

[rayme4raw]

@justgetsome My dad was in the military, it's never taken my parents longer than a month to sell one of their homes. I had a sinking feeling when they told me that they were buying their retirement home before the first house sold. It's normalcy bias, they've never imagined a housing collapse like this would ever happen. I've told them for the last 4 years that finding renters was not the solution, they should walk away, now they're almost ready, waiting to hear from the judge tomorrow.

[WhatTheHeo]

@0:01 "THE ALL SEEING EYE IS EVIL!!!!!!!!!!"

[Anothercoilgun]

@7:20 You can be the IRS get their cut before the lender does.

[Anothercoilgun]

Show the Linda Green scandal.

[Anothercoilgun]

"I don't live in Cleveland" He is smooth.

[Anothercoilgun]

Did this also some where on Cali.

[takeeoutee]

Thanks Cat. 

[EconCat88]

@takeeoutee

You're welcome, but thank cbs for this one. 

[EconCat88]

DoNotCiv, Chuck624, and Yap, imma let you guys open the additional commentary regarding this 2 part uploaded series. I'm still pondering what to say/type about this, and I really don't know what it's going to take to get people to recognize the true causes and solutions to this mess.

Again, this is a 2 part video upload. Thanks to 60 minutes for airing this tonight.