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alstry (35.03)

Alstry Does It Again.....This is just madness!!!!!!!

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July 12, 2009 – Comments (11)

A while back, Alstry predicted that when enough homes in an area were foreclosed and/or enough  local jobs were lost, the remaining homes in the area would be worth less than zero.....paying property taxes, maintenance, insurance and utilities would be more than the house was worth. 

At the time, as is common with many of Alstry fantastic prognostications, ridicule and skepticism were the order of the day.....but in the end, we all know the amazing accuracy of Alstrynomics.

And here we go again with a hat tip to Calculated Risk:

http://www.calculatedriskblog.com/2009/07/lenders-walking-away.html

Rodney Lass figured his days as a homeowner were over when he was hit with a foreclosure judgment more than a year ago.

He stopped rehabbing his two-story Bay View home and moved on.

But what Lass didn't realize until recently is that the house remains in his name today.

He's still responsible for the taxes, upkeep of the property and the mortgage, leaving Lass perplexed.

"Why would I pay for something that I don't own anymore?" Lass said.

The foreclosure, however, failed to go through after the California-based lender decided it didn't want the gutted house. Lass said he found out for certain that he still owned it from the Journal Sentinel.

Today, the house at 703 E. Lincoln Ave. sits condemned, holes in its roof, a blight on the working-class neighborhood.

The home represents a growing phenomenon known as walkaways - properties for which lenders sue for foreclosure but never take the title.

City officials, lawyers and community activists say they've seen an increase in lender walkaways, although they can't estimate how large the problem is.

The Journal Sentinel found more than $400,000 in back taxes, fees and demolition costs owed on nearly three dozen properties that lenders foreclosed on in the past two years but didn't complete the process. Three more have been condemned and are scheduled to be bulldozed at an estimated cost of up to $15,000 each.

Cities throughout the country are seeing an increasing number of walkaway properties, said Kathleen Day of the Center for Responsible Lending. She said she knew of no other attempt to quantify the extent of the problem or its impact on a city.

"We hear about it anecdotally all the time here - all the time," Day said. "This is just madness. There has got to be some better way."

http://www.jsonline.com/watchdog/watchdogreports/50548282.html

Lenders don't take title when they think the house is worthless.  Expect walkaways to keep increasing as the economy deteriorates.   As it starts to happen in a particular area, it infects the surrounding homes and lowers their values.  Just like the FU virus has reached pandemic stage, there is seemingly no stopping the walkaway virus either.

Entire sections of towns will be leveled and converted into green space.  Cities will see their property tax revenues evaporate leading to less and less funds available to continue with services.

Welcome to Concentric Contraction my friends.  The economy and industrial era as we knew it is ending, prepare for a much more exciting and dynamic times.

But in the mean time, you must prepare for change.................9.09 has drawn the line.

11 Comments – Post Your Own

#1) On July 12, 2009 at 11:37 PM, bullnada (< 20) wrote:

Alstry,

What do you get out of all your doom and gloom?????????????????????? Are you helping?? At this point it seems you are tooting your horn. Did you get picked on as a kid. I am suprised you did not become a policeman. Oh yah a lawyer dealing with fraud. That sounds fun!!!!! not!!!!!!!!!!! You are just posting news.  Anyone can drive around with eyes open and see we are f---d.

 We ask what to do in preparation??????????????????

 You have no answer.

 You are much more book smart than I. I grew up the school of hard knocks. Made a million lost a million. Made three etc. I have drive like you could not imagine. I have multiple patents for my inventions. It feels so good to know I have made peoples life easier with my products.

 Life is what you make it... today sunday 75 degrees. I live on the bluff to the ocean in leaucadia ca. on neptune ave. google it.I woke up and looked out th window. Oh no surf so I will go fishing on my hobie kayak for free. I caught a 45 lb. white seabass. Call my friends and fam for a fish fry. Just watched the sun set it was beautiful.

My father told me some important things to remember.

No matter what........

 Making money is easy cause most people are lazy!!!!!!!

dont give up.

no such thing as failure just learning

 

 have integrity always.

your lucky to have one true freind your whole life. I mean true freind thick or thin

dont lend a friend money if you expect it back or if you expect to still be freinds.

p.s. I just found out the house next to me is in escrow for 2.3 million. Oh bummer.

 Sorry for my ranting. I just think you are so smart and you could realy teach us something if you wanted. Its just lame your wanting people to prepare prepare prepare  with no answer

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#2) On July 12, 2009 at 11:55 PM, alstry (35.03) wrote:

Sounds like your father taught you well.

What would you like to learn that you don't aready know????

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#3) On July 13, 2009 at 12:08 AM, bullnada (< 20) wrote:

alstry,

 Check out my portal. neptunesportal.tv. its fun, funny, sad, etc. It is real and raw.

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#4) On July 13, 2009 at 12:19 AM, bullnada (< 20) wrote:

Alstry,

You are a very smart man. We all would love to learn more from you. It is frustrating to myself and maybe others that you keep posting gloom and doom or I should say reality. Yes you have made more than one paranoid. Could you start posting about how to profit or just be ok in these times. Proof is in the pudding and your caps score is tops. I know your informing all of us to prepare.  Have you prepared for this change. Maybe a digital lawyer???????

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#5) On July 13, 2009 at 12:36 AM, alstry (35.03) wrote:

At this point flexibility is key.

Fortune favors the prepared mind.....the key to preparation is flexibility.

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#6) On July 13, 2009 at 12:45 AM, greensurfer (< 20) wrote:

Yeah Alstry. Please enlighten the not so smart crowd on HOW to prepare to prosper after the NWO!!!!

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#7) On July 13, 2009 at 9:37 AM, jddubya (61.66) wrote:

Don't expect a usable answer.  At this point there is nothing you can do to prepare.  It would have taken years to prepare for what Alstry is predicting.

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#8) On July 13, 2009 at 9:41 AM, prose976 (< 20) wrote:

When the predictions run wild, and the false prophets hang by every headline, that is when the opposite thing happens.  I have seen and heard many people like alstry in my lifetime.  I know this much:  he lives and blogs from a position of fear and loathing.  He (assuming alstry is male) has nothing cohesive or enlightening to offer.  He has no hope in his message - only despair.  He has no plan, no leadership and is void of optimism.  He is a hollow shell of a being that thrives on negativity and gloom.  There is nothing valuable in what he writes or declares.

Alstry is a parasite that feeds on weak minds and clings to the headlines spewed by the media.  Alstry finds comfort in misery, and as we all know, misery loves company. 

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#9) On July 13, 2009 at 1:54 PM, ocsurf (< 20) wrote:

Have you been Zombulated?

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#10) On July 13, 2009 at 3:45 PM, carcassgrinder (34.46) wrote:

prose976....

Hook....J

    Line.....---

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          I

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              R.........><>

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#11) On July 13, 2009 at 4:22 PM, AntiRonChapmanJr (99.82) wrote:

Here is a real way you can prepare as there will be civil unrest at some point.  Stock up on food and supplies, purchase some weapons for defense and get all the necessary information on survival you can. 

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