Quirkygal

Title
Some Homes Worth Less Than Their Copper Pipes

Link
Some homes worth less than their copper pipes | U.S. | Reuters
-----------------------------------------------------
Excerpt

"Shards of broken glass outside the basement window of 31 Vine Street hint at the destruction inside the three-story home.

Thieves smashed the window to break in and then gutted the property for its copper pipes -- a crime that has spread across the United States as the economy slows and foreclosed homes stand empty and vulnerable."

------------------------------------------------------
Comment:

A sign of a "rough patch," I'd say...

Kanadesaga

People are walking away, the braver ones are torching them for the insurance.

__________________
"I take time when I'm prowlin', an' wipe my tracks out with my tail
Get home, get blue an' start howlin', an' the hellhound on my trail"

Rigged

It was announced today by the Fed the GNP/GDP would shrink, from what I remember in econ class, that is a sure sign of a recession (something that recedes) I think they also said that Global growth is going to be really low for this year

But they also said that inflation is a concern but what vexes me, and maybe some more econ people can explain this but, why do they keep lowering interest rates? Wouldn't that cause inflation? Or am I crazy?

Quirkygal

But they also said that inflation is a concern but what vexes me, and maybe some more econ people can explain this but, why do they keep lowering interest rates? Wouldn't that cause inflation? Or am I crazy?[/quote]
~~~~~~~~~~~

I'll hazard a guess (and it's only a guess).

We don't seem to MAKE much in this country anymore. We buy and sell houses to one another...over and over and over.

Some people make the houses, others sell stuff to furnish them, some do remodeling jobs, still others are involved either directly or indirectly in the real esatate aspect.

If housing goes even further south...it will affect a lot more than real estate agents.

Sears...appliances, lawn care, tools
Home Depot...lumber, tools, home remodeling stuff, etc.
Costco...stock up your big freezer in your big garage
Bed, Bath and Beyond type stores...bedding, towels and gadgets for the home
Furniture Stores...all the stuff you need to fill up the house
IKEA...same stuff, but more of it
Target, WalMart...decorations for holidays, garden stuff, cleaning stuff, etc.

Just my humble thoughts.

lrrp

The same thing is happening with copper wire now. An area I worked frequently in the past just had 3 MILES of copper 100 pair ripped off, and farmers are now seeing the automatic computerized watering systems scavenged for the 10 gauge wire in them. I have also read reports about the aluminun railings the city uses around freeways and the like getting stolen for the scrap value.

Rollerball

This reminds me of behavior in third world countries.


Just wait till they start swiping the steel rails from active railroad tracks.

W.M.DEEEZ

I'm no economist by any stretch, but you are correct about inflation.

Normally, they would be raising interest rates, but the variable rate mortgages that many were pushed into, are governed by the prime rate.


So, keeping interest rates low, is the band aid to keep millions of people from losing their homes.






In my area, scrap copper is paying almost $3.00/lb.


Theft of wire, plumbing, etc. is becoming common.

__________________
Don't it always seem to go, that you don't know what you've got til it's gone

gonzo

So many people are going through this economy sliding down a steep hill. I really feel for each and every one of them!

Imagine losing your job and not being able to get hired on anywhere. The house payment is overdue, the car payment and insurance are overdue, the kids are needing everything, the electric is going to be cut off, this list is long and really sad.

I know I rambled O/T, but it just gets to me.

Quirkygal

Just wait till they start swiping the steel rails from active railroad tracks.[/quote]
~~~~~~

Weird story from my local news:

Some guy was recently arrested for stealing cooking oil from a local Burger King. He was going to sell it to a recycling center for about $400.

Quirkygal

YIKES!