What the meltdown looks like

The thriving business of “trashing out” foreclosed homes. All the stuff, abandoned. So many homes to process that there’s no time to get valuable things to charity. So many and so fast, that all the stuff goes to the landfill.

[via Calculated Risk]

Sorta-semi-related Update: My friend Julie is holding a writing contest — 100 words, 100 bucks — to win her home in Maui. Too good to be true? Nope; it’s a creative way to transfer her house into the hands of a new owner; her house (+guesthouse) has fallen outta escrow three times in the past year. This market means it’s hard to sell, too. This offer is no longer ongoing. Alas.

13 responses to “What the meltdown looks like”

  1. Kristy

    I’m glad I saw this….and yet I’m equally not glad I saw this happening.

  2. Yule Heibel

    Thanks for posting this – amazing, gob-smacking news clip. Found you via Dave Winer’s scripting.com, and I also blogged about the clip at my site. People need to see this.

  3. Alecco

    Hi.

    First: very good job, it’s the best video I’ve seen about the forclosures situation in USA.

    Some friends overseas can’t see the video, they get “server error.” Some reported it works with a US proxy.

    Thanks!

  4. Dave Reid

    Thanks for the video it was eye opening.

    I couldn’t imagine doing the “trashing out” job, it must be very difficult. It’s strange how the people just leave tons of stuff behind. I guess if you have nowhere to go..

  5. The Artful Dodger

    What a waste. The banks can’t contract with a company that at least gives this stuff to Goodwill or some similar agency? What the hell is wrong with these people? The same people who issue these subprime loans are now sending stuff to the trash heap that other people could use. The CA legislature should step in and make this practice illegal.

  6. chuck

    This is a waste. There are people who could use this stuff, but instead the banks throw it all away. They can’t find a way to send this stuff to Goodwill or the Salvation Army?

  7. No Debt

    I wonder if all that furniture and the televisions etc. were rented. That would at least make leaving it all like that make a little sense.

  8. Upthorn

    Isn’t this theft and destruction of property? The bank owns the home, not the furnishings.

  9. broke

    I dont see why this rush? It’s not like they have buyers lined up if there is dozen empty houses on the same street.
    Complete waste.

  10. johnjack

    I wonder if there’s a lot of skateboarders trying to make the best of this situation. People having to leave their homes is pretty sad indeed, but empty pools are just perfect playgrounds…

  11. Jim Taggart

    Unfortunately, the worst is yet to come.

  12. Susan A. Kitchens

    I totally agree. Just read (and blogged) this article that searches in the mess for the decision that set us on this downward trend.

    Riveting reading. And prolly way too scary to boot.

  13. Patric Barry

    Trashout requires that if the cumulative value of the goods is over $600 that it must be stored. What I have done (for bank owned properties) is rented a storage locker and stored valuables there – if the owner wants his stuff then I tell where to get it, and if we don’t hear from him then after 30 days the storage place auctions off the contents. The portrayal on this show of just trashing (or stealing) the contents is not legal.