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Real Estate Collapse – Land of the Dispossessed Part 1
January 27th, 2012 | 
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The devastation of the real estate collapse in the High Desert area of Southern California. Thousands of empty foreclosed homes in brand new housing tracts, despite the current foreclosure moratorium. The worse is yet to come when banks resume foreclosures and unemployment checks run out. The main stream media and our leaders should focus on the true battle ground of the economic crisis: Our streets, neighborhoods, schools, and places of work and worship. Families need bailouts, not the super rich corporations of the world.
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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!
Canada needs a parkinglot !??
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!
the banks dont loose, congress gave them billions,
Great video. I should learn how to post the added visuals like you have here.
i believe that california is gonna sink,,,,,,i wouldn’t buy real estate there.
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.
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(
in ireland we have many 1000 new empty homes. boom or bust
Where I live Maringá – Brazil is missing worker.
Here in Australia it’s the opposite we can’t build homes quick enough in most states
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”!
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”.
@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…
@wanabee100 Americas is a shithole, but compared to your country it’s probably less of a shit hole…that’s not saying much.
@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?
@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).
@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……
What is so sad is that these are family homes, and the kids whose lives are going to be destroyed by this collapse.
Huh at 2:35 I guess what they say is true the grass really is greener on the other side……!
@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.
Not worried one bit. A bulldozer will cure the supply problem. Just watch. We are going to see a shortage of housing.
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.
@prac2 I always wanted to live OUTSIDE of California! TAKE THAT!!
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.