April 21, 2009

moar housing stuff!

Detroit councilman walks from home

Why did he walk? Because he was upside down on his mortgage. Because the rate was about to readjust. Because he *can*. It's not illegal to simply walk away. All that will happen is that your credit gets trashed. But look where he is now:

"About five months ago, the Kenyattas moved to a rented condo on the city's east side. It has three bedrooms, four baths, a whirlpool bath, finished basement and garage."

Not precisely sleeping in the street.

Then there's this:

"Kenyatta said that because his mortgage payments were made on time and he was not in foreclosure, he did not qualify for any relief programs through his lender."

I've ranted about this before, people think that they can just have the contracts revised because they want them to.  Yeah.  No. 

You know, I have to say, there's part of me that understands that this is the cold blood, rational response. Why not simply walk when the consequences aren't outweighed by the costs?  Hell, the anarchist in me thinks everyone should do this, just to watch the system burn.  But.  Well.  We do have a real world example of the consequences, at least if this is true:

In Detroit, the median sales price for a home is now a pathetic $5,800, down more than $66,000 from seven years ago.

I'm actually terrified to check to see if that is accurate because holy hell.  (Yes, I know that's median, not mean or average, but still).  There you go.  There's what happens.

Think we'll ever hear a word about how Detroit has been under control of the Dems for as long as I can remember?  Didn't think so. 

Funniest.  End.  Of.  Civilization.  Ever. 

Posted by: alexthechick at 06:06 PM | Comments (17) | Add Comment
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