Foreclosure Funtime
Predatory capitalism vultures want you to troll the tidal wave of wreckage.
The streets of busted dreams
"Local real estate broker Don Weston led a small group of potential buyers around Southeast Portland on Saturday to get a look at the detritus of the city's eroding housing market and offer some lessons on how to take advantage of it.
"It's a great time to buy right now," Weston said as the charter bus headed for the first of about 10 homes on the tour. "Foreclosures create more competition in the market."
"Naturally, questions arose about the ethics of capitalizing on the misfortunes of others. Weston said that's the wrong way to look at it. Foreclosed houses can depress the value of other homes in the neighborhood. They also contribute to a market that makes it much more affordable for first-time buyers."
Yeah sure, bub. Leave the human tragedy out of the mix and make your morbid tours sound like egalitarian charity.
During the farm strike of 1932 farmers banded togather to keep their farms from being sold at auction. They showed up as a group and forcibly kept outsiders from bidding, then bought the foreclosed farms for a dollar and handed the title back to the owner. It remains to be seen today if americans have the courage to stand up to an unjust system.
The streets of busted dreams
"Local real estate broker Don Weston led a small group of potential buyers around Southeast Portland on Saturday to get a look at the detritus of the city's eroding housing market and offer some lessons on how to take advantage of it.
"It's a great time to buy right now," Weston said as the charter bus headed for the first of about 10 homes on the tour. "Foreclosures create more competition in the market."
"Naturally, questions arose about the ethics of capitalizing on the misfortunes of others. Weston said that's the wrong way to look at it. Foreclosed houses can depress the value of other homes in the neighborhood. They also contribute to a market that makes it much more affordable for first-time buyers."
Yeah sure, bub. Leave the human tragedy out of the mix and make your morbid tours sound like egalitarian charity.
During the farm strike of 1932 farmers banded togather to keep their farms from being sold at auction. They showed up as a group and forcibly kept outsiders from bidding, then bought the foreclosed farms for a dollar and handed the title back to the owner. It remains to be seen today if americans have the courage to stand up to an unjust system.
posted by nolocontendere at 7:10 PM
2 Comments:
i can understand the temptation when you're someone who has been priced out of the housing market for years. we've considered it.
and yet, it seems to be real estate investors who are cashing in--people who don't NEED a home but are simply looking to greatly profit off the suffering of others instead of just having a home of their own for the first time. we saw a similar report earlier this evening about this going on in new york. auctions popping up all across the country largely attended by investors.
i'm still waiting for people to find the courage to say NO to the banks--and remove the bastards from the housing market all together. and as you said, ban together, pool resources and negotiate with the banks--forcing them into negotiation through sheer volume and persistance. also saw a report on people doing that very thing in one area with the help of a very cool priest.
Saw something about that priest and the power of collective negotiation too, neener. Just something slimy about carting possible investors around and touring the wreckage of other peoples' existences, as if what drove them out of their homes was a good way to make more bucks.
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