I doubt anyone, bankers, the government, local communities, charitable organizations, etc, have really thought through the housing disaster underway.
You'll see areas where homes are just burned to the ground in a desperate attempt by the homedebtor to get out. You'll see neighborhoods where nobody lives there. You'll see condo developments half-completed, an urban eyesore for all to see the folly of man. And you'll see the ugly legacy of this housing bubble for years to come. Go check out Colorado for a sneak preview.
In Colorado, the state with the nation's worst foreclosure rate, some neighborhoods have been spared the wave of house auctions. Others have been deeply wounded, and it is not just those losing their homes who get hurt.
In Montbello and Green Valley Ranch, existing-home values are falling as foreclosures spread. Burned-down houses sit abandoned for a year or more. For-sale signs carry notes of desperation. One offers a week-long Caribbean cruise to the buyer of a foreclosed house. "Zero down? Poor credit? First-time buyer? Call for a free two-minute pre-approval," another urges.
From August to October, the median sale price on existing homes in Green Valley Ranch was $185,450, down from $201,000 during the same months a year ago, according to real estate website Trulia.com. In Montbello, median sale prices dropped from $175,385 to $164,950.
November 26, 2006
Posted by blogger at 11/26/2006