Posted on 05/11/2008 1:36:53 AM PDT by don-o
ELK GROVE VILLAGE, Ill. — The foreclosure crisis is hitting yet another American locale: the self-storage center.
As they lose their homes, people are turning to these humble cinderblock and sheet-metal boxes to store their stuff. But some people cannot keep up with their storage bills any better than they could handle their mortgage payments, and storage companies are auctioning off their property for a pittance.
(Excerpt) Read more at nytimes.com ...
I could care less. We're talking about suburbs 30 miles out from Chicago - population around 8 million, or so.
Im tired of the “woe-begon” stories of people who made bad decisions, or were specing houses and got burned. My wife and I planned, saved and bought a house with a 10% downpayment. We pay our bills on time and live within our means. Goes to show you the nanny state weve become when even the “republican” candidates kowtow to the sissyfied media and population.
In the minds of a lot of Democrats it’s “selfish” people like you (and me) who are the problem. Seems “selfish” is NewSpeak for “responsible”.
Wife and I try to make as many of those sales as possible, have made some realy good buys.
Don’t worry. As soon as the next Dim takes the Whitehouse All will be Sunshine and Roses.
where are they listed?
Sometimes listed in greensheet or thrifty nickel. Also many of them just post the sale date on their sign in front.
Sometimes listed in greensheet or thrifty nickel. Also many of them just post the sale date on their sign in front.
possessions have been abandoned in storage spaces as long as there has been storage spaces- there’s a fairly brisk business in buying the contents at auction, and selling at the flea market or local “Penny Saver” magazine- funny how the Times picks up on a hot story that’s maybe forty years old.
maybe they could play another angle, and title the article, “Idiot Over-extended House Buyer’s Avoidable Loss is Resourceful Entrepreneur’s Gain”
In our local newspaper they run adds, just like any other type of auction. There are bunches of them too. I doubt if it has anything to do with home foreclosures either.
What a bunch of baloney.
If you foreclose you should not put all your crap into storage. It should only be for the stuff one doesn’t want to replace such as large appliances and some furniture. If you are putting bags of clothes in storage you are an idiot.
The example story of the guy living at his mother’s was pathetic. Sell your extra junk and get a couple of jobs and a small apartment man, jeez.
In other words, the managing editor's deadbeat brother lost his things by not paying and we're spinning that one data point out into a national trend.
I'm surprised the New York Times didn't report that.
Pretty good writing - actually makes you think...
Then, the house price went up in the housing bubble, so they got a second mortgage at a high 9.9% interest rate, bought another car (on a loan), and were totally dependent on the husband getting sufficient overtime in order to make the payments.
Now, the market has gone down, there isn't as much overtime, and they are failing to make payments on time. They are still eating out and buying unnecessary stuff.
I have hardened my heart. You could give them a house, and they would only borrow money on the equity and lose it anyway.
But series, one can get free pianos and large items as few folks are prepared to haul them off.
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