Detroit is a window to our future if the people of this country don’t come to their senses pretty quick.
After you see the images below and realize this level of destruction occurred in less than five years, where will the other communities be, that are currently on the edge, five years from now?
The big investors, like BlackRock, which were getting free money to purchase the REO inventory and either sell or rent, have completely stopped.
If this inventory just sits for another three years will we look back at these images of Detroit to realize we were looking at the new model of an American neighborhood?
Submitted by Rory Hall, The Daily Coin:
When I stumbled upon this article, Google Street View Shows Decay of Detroit, I thought it was going to be another “Detroit is bankrupt and the banksters are stealing everything.” Which has been the norm for the past year or so. This one is a completely different view of how far Detroit has fallen. Detroit is a window to our future if the people of this country don’t come to their senses pretty quick. After you see these images and realize this level of destruction occurred in less than five years, where will the other communities be, that are currently on the edge, five years from now?
As Dave Kranzler explained in our latest interview, the sheer volume of houses that are underwater is staggering. The volume of houses that make up the shadow inventory is unknown as the banksters have, basically, stopped releasing their REO inventory, therefore, shutting down the foreclosures.
The big investors, like BlackRock, which were getting free money to purchase the REO inventory and either sell or rent, have completely stopped. If this inventory just sits for another three years will we look back at these images of Detroit to realize we were looking at the new model of an American neighborhood?
Will crime, drugs and home defense be the new normal? If these scenes are any indication of how quickly entire neighborhoods can change from working-middle class to ghetto, everyone should be weary of the abandoned house(s) in their neighborhood. With forty-nine million people on food stamps and the labor participation rate at all time lows, how much longer do we have before the cracks that are already in place become a direct reflection of what we are seeing in Detroit?
While this is just one street in one neighborhood there are plenty more examples here. Alex goes on to describe how everything came into focus while working on a project at LoveLand:
Since there’s some attention coming this way, I should probably take a moment to explain this blog — which has mostly been a context-less index of stuff found while virtually driving the streets of Detroit. I’ll start with this:
“Detroit’s getting better — sure, there are neighborhoods that have problems, but they’ve been that way for 30 or 40 years.”
I’ve heard statements like this a number of times in conversation and online. The idea that problems with Detroit’s property issues are decades old. Some of the root causes are certainly buried that far back, but this idea distorts what I think is still a little understood fact: The 2008-9 financial crisis had a devastating impact on the state of property in Detroit.(source)
It’s a little unclear if Why Don’t We Own This? is one of those little known pet projects of the elite or if it is actually trying to do good for the people. Either way, what this illustrates is the fact that the ongoing financial crisis that began in 2007 is still causing major problems in the housing sector. There is no housing recovery. The banksters found a way to transfer the wealth from the broken to themselves by taking large parcels of foreclosed property and selling it for pennies on the dollar to the large investors like BlackRock or simply keep it on the books as an asset helping to cover up the fact that the too-big-to-jail banks are insolvent.
For whatever reason banksters selling/transferring property to large investors has been shelved and now we move into “phase II” of whatever the banksters have planned for stealing even more wealth from the people, which is currently unknown, but definitely underway. Why else would the theft of massive volumes of real estate suddenly stop? Either we are moving into “phase II” or this is part of the larger Agenda 21 and we are witnessing the birth of one possible future.
Be very watchful of abandoned properties in your neighborhood they are the difference between a healthy neighborhood and a ghetto. As the small example above demonstrates neighborhoods can change very quickly. Four years to some people may sound like a long time, but in the big picture it is merely a blink of the eye.
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