Of all the unforeseen problems of the housing bubble, this one has got to be one of the strangest: [Hat tip Seeking Alpha!]
"California is in the midst of a major boom in large-scale marijuana cultivation operations run from inside homes… in middle-class and upscale suburbs, where the pot growers took advantage of cheap home financing — and minimal credit checks — to purchase homes and remodel them into sophisticated farms, authorities said.
It’s left unstated, but when these houses get found the operators stop making the Option ARM payments and they end up being foreclosed. Typically they are severely damaged.
What else is out there that we didn’t foresee? We hope you’ll share your links, comments and insights and ideas with us.
As always, this thread’s for you!
Bubble Meter
Ohio Fraudclosure
Mish's Global Economic Analysis
UK House Bubble
Northern Virginia Housing Bubble Fallout
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Awash in Liquidity / comstock
http://tinyurl.com/26todz
peter shiff on cnbc / what record high….?
http://www.europac.net/Schiff-CNBC-4-28-07_lg.asp
Constructing Capitulation: March 2007 / paper money
http://paper-money.blogspot.com/2007/05/constructing-capitulation-march-2007.html
Asian investments ” the dark side” / economist
http://immobilienblasen.blogspot.com/2007/05/asian-investments-dark-side-economist.html
UK Housing: Watch Out For The Cracks / Economist
http://immobilienblasen.blogspot.com/2007/05/uk-housing-watch-out-for-cracks.html
I wonder: with asset forfeiture, what happens when law enforcement seizes a house for drug activity – and that house is upside down?
Seems like the “owner” can just walk away. Do the banks/lenders end up forfeiting their loans?
I’d love to see a new roller coaster video on You Tube … the old one covered only prices (not sales) and only up to 2005… it ended with an impressive almost straight uphill climb.
A new video could feature two coasters, one for price, one for sales volume, side by side, both racing downhill.
NVMike-
The sales one would look like Wylie Coyote- having gone too far in pursuit of the roadrunner, he finds that he has run over a cliff.
employment report april 2007
http://immobilienblasen.blogspot.com/2007/05/employement-report-april-2007.html
re: twist
And instead of an anvil landing on Wile E. Coyote’s head, it could be his upside down house.
Dire predictions.
Take with a grain of salt:
Real Estate Crash a Post Mortem for the Stock Market