Real Estate Collapse - Land of the Dispossessed Part 1

[papatoony]

That's what you get when you pay bubble prices for a house you can't afford in the first place. Kicked to the curb!

[Borat911]

Canada needs a parkinglot !??

[pechinrules]

I live in SW Pennsylvania near Pittsburgh and for all of you Californians need to take a drive down the Mon Valley...it is 50 miles from Pittsburgh to Brownsville, Pa. It is where most of the steel mills were...and when the steel industry collapsed in the early 80's it never recovered. There are at least ten to fifteen towns and cities in that fifty miles and most are ghost towns now. Drugs dealing and old people are all that are left living in that area.,and it is coming to a town near YOU!

[drummerg2]

the banks dont loose, congress gave them billions,

[EconCat88]

Great video. I should learn how to post the added visuals like you have here.

[journey344]

i believe that california is gonna sink,,,,,,i wouldn't buy real estate there.

[spectrum2000now]

Good thing that California was slowly recovering from the past crisis. This video, will be able to remind people about the past crisis and learn from it.

[pickupcorn]

G'day, We here in Australia can't build houses fast enough and as most of you probably know after the news coverage of our recently floods are getting too much rain!!!! As an ex-Californian (I was born there and lived there 15 years ago) I wish I could send some of the water and jobs your way. I really feel for you guys as I still have family back there that are suffering. :'o(

[livefreeinuk1]

in ireland we have many 1000 new empty homes. boom or bust

[tubeshow1000]

Where I live Maringá - Brazil is missing worker.

[910364]

Here in Australia it's the opposite we can't build homes quick enough in most states

[PhotonDrive]

How these people must feel now, knowing the Banks never had the original NOTE! Watching all those people in Kansas where courts threw the banks out & awarded the house - mortgage free to the family? How must they feel knowing they were tiny potatoes in a massive organized bank fraud that RESOLD their mortgage 20 or 30 times over & then made more millions betting AGAINST those stocks in the exchange!?! No court in Cal.: banks could forge the documents at will - "Robosigners"!

[KANTANA777]

The term "home owner" is a complete misnomer. If you borrow money from the bank to buy an over priced house built with inferior materials, that house belongs to the bank, not you! How can you comfortable call yourself a home owner when the house belongs to the bank? The bank only lent you the money because by the due date of the mortgage, the bank will make 100-150% profit on that house. The winners in this deal are the bank,the builder,all the real estate people.The loser is the "home owner". 

[ripperduck]

What is so sad is that these are family homes, and the kids whose lives are going to be destroyed by this collapse.

[METALMAN4Wii]

Huh at 2:35 I guess what they say is true the grass really is greener on the other side......!

[eatandtravel]

Not worried one bit. A bulldozer will cure the supply problem. Just watch. We are going to see a shortage of housing.

[gustavo5801]

I passed by one day to look at the houses, very nice at a low price too bad that it looked like a ghost towns filled with getto people. By the looks of it half of the houses were empty and the other half looked like they were about to be booted. Don't think I'll be back I would be very surpriced if this city dies not die out.

[eatandtravel]

@gustavo5801

You are right. It's going to be dead spot. The government is going to bulldoze in order to reduce supply. Just watch. A housing shortage is coming in the established areas like Orange County because all the good people from Riverside, Corona, and High Desert are trying to escape the mess in those arease.

[BOINKER1]

Serves em all right. the banks, the morons that thought they could afford a house, and the gubbamitnt for encouraging this due to affrimative stupidity.

This country is done, it's only a matter of time.

[wanabee100]

@BOINKER1 ....no ....the country in not done....but you need to learn to work hard again.....no more moving around paper and let the mexicans do the real work ....so get to work you spoiled brat......

[mookixox]

@wanabee100 Sorry to break it to you, but you owe over 40,000 dollars...with two never ending wars still on your plate, yes your country is done (and has been for quite a few years now).

[wanabee100]

@mookixox ....i love america....and the real freedom people got in some states....but america is not my country....but you....mookixox...are probably also just a spoiled brat who needs to learn to do real work....but you probably dream about a job where you can spend all day making red tape for the people who create value for your country....what country are you from?

[mookixox]

@wanabee100 Americas is a shithole, but compared to your country it's probably less of a shit hole...that's not saying much.

[wanabee100]

@mookixox ....what country are you from...not what country do you( and your family) live in ....but what country are you from......are you one of the immigrants who talks bad about america....but want a green card most of all....or do you and your family live in england....and spend a lot of time talking bad about england...

[waderm810]

again america cocks everyone up! and before anyone start!s back over in the UK i attend 4 forclosures a day. Evicting people all day. Soul destroying stuff. awful.

[Cinemaguy2007]

we haven't even started yet. The real collapse is on the way oh btw, what's the name of the mix song?

[joediaz001]

It's called the Terminator Techo Mix

[kimxxxyyy]

its all related to peak oil! but you will never hear about that! grow food not lawns!!

[npbheights]

They had no business building such high density residential projects in the middle of the high desert far from employment centers. There is no water there!  Life needs water. Who would want to live there.

[jobedied]

Do not worry CNN will not let the country see this. We will print up trillions to buy our way out of this problem. Money can solve all problems ask Mr. Madeoff with the money and your banking friends.

[RenegadeTimes]

Imagine those few who bought in these areas and can pay their bills. They are surrounded by empty deteriorating homes. The equity of their homes will plummet along with the other's.

It affects us all no matter where you stand financially.

[AveIvy]

Why would they do a lease option to buy to get people in these homes ASAP.

[jandean61]

what's with "The Terminator" remix ? Is it because it's now Judgement Day ?

[prac2]

I always wanted to live in Calif.

[Cyrus992]

@prac2 I always wanted to live OUTSIDE of California! TAKE THAT!!

[MaxZagar]

Actually those homes look really nice and can be fixed easily. The rents must be quite good for the walet ( .. $350 / month ?... not bad for a family house) . However, maby there is not any schools or shops close by ... but thats an other story

[buckie0201]

350 a month is so cheap its crazy, I live in Ontario and a small appartment is going to cost you at least $700 a month

[MaxZagar]

Hey whats the price of a house like this ? Is there water and power available ...

Just let the people live in the houses until new the new sale is settled. The owner would not like the houses to look like them in Detroit (impossible to sell ever)

[joediaz001]

Some of these houses were selling well over 400k at the peak, but now you can buy one of these for about 100k at auction. The problem is no one is buying since there are no jobs in this area (Hesperia, CA).

[MaxZagar]

The actual building cost (all costs) of a house like this is about $100k or less, so this means that you would get the desert land & infrastructure (water&power lines) for free ? Anyway it seems strange that families ... are forced out, but cant rent the property for a decent annual return (3-4%) to the property owner.

[joediaz001]

Actually the Hesperia Unified School District built a bunch of brand new schools, very nice ones too. The problem now, is that with all the people leaving the area, they got more schools that they need. They just laid-off like 200+ teachers, and I'm not sure how many other staff god laid off, like bus drivers, kitchen workers, etc.They are talking about closing a couple of schools and laying off more teachers and staff.

[durwoodnumto]

bdx first thing i thought as well. bulldozed!

[principles101]

Awesome! He is right on the money! I know first hand.

[skyding8962]

Great video and music. I love these on the scene stuff. Hope to see more in the future on different stuff.

[eyewitness043]

The crime, mx444bee, is that you can afford it, but there are people who profit by keeping empty houses to jack up real estate prices who are blockingyour path.

Just like the Diamond manufactures that have been known to DESTROY DIAMONDS just to push the price up.

The tactics of scarcity appaerently exists on every level.

[joediaz001]

This is a very interesting point of view. Thanks for your comments.

[eyewitness043]

This video is the PROOF that the Bailed out Banks are kicking out homeowners with TARP money to buy the property back from themselves, to (a) profit from foreclosure fees AND (b) hide the losses of "troubled assets" instead of helping taxpayers.

This is economic cannibalism and its criminal.

Fight the Banks, make them produce the note to prove they own the debt they're trying to collect.

2 of ouf 5 foreclosures are probably illegal yet most people don't fight.

[eyewitness043]

Nice Job joediaz001.

[bdtx1]

good sound track...

[bdtx1]

Yeah, back to the trailer park where they belong...btw most of these properties are going to get bulldozed eventually.

[BlackMask2012]

what city is this in?

[joediaz001]

Hesperia, CA in the Southern California High Desert.

[BlackMask2012]

wow that's terrible, my city in socal is alway packed so I don't see anyone leaving soon.

What part of the city are those foreclosure in? Hesperia Rd? Peach Ave?

Thinking about stopping by on my trip to Vegas to show my GF that we are in a recession.

[joediaz001]

These housing tracts are right off the freeway on Main street, just exit to the right on Main and make another right at Escondido. You can't miss them.