“DESOLATION ROW” FORECLOSURES ON YOUR BLOCK?

“Now at midnight all the agents
And the superhuman crew
Come out and round up everyone
That knows more than they do
Then they bring them to the factory
Where the heart-attack machine
Is strapped across their shoulders
And then the kerosene
Is brought down from the castles
By insurance men who go
Check to see that nobody is escaping
To Desolation Row…..” (Bob Dylan)

A frightening article is posted below about how foreclosures reduce home values. It also backs up the sad fact that cheap begets cheap. In an alarming study from MIT, the findings show that even houses within 250 feet of a foreclosure suffer huge value declines: on average a whopping TWENTY SEVEN PERCENT DROP IN VALUE!  But the most telling nugget is this:

“That number ( average 27% value loss) tends to be larger for houses with “low-priced characteristics in low-priced neighborhoods,” the study found.”

It’s easy to define “low-price characteristics in low-priced neighborhoods” – suffice to say that most of Molalla’s boom era “stuff em’ in without professional planning or an eye to quality of life” development certainly fits that “LOW-PRICE CHARACTERISTICS” profile.

Stubbed roads to nowhere, cheap cookie cutter designs (with “design review” by a bunch of unprofessional hicks – have you seen what Molalla calls -gag! – a plannin’ commission?), failure to provide parks, open spaces, landscaping, bike trails or sidewalks, failure to attract REAL JOBS, clueless, unethical “leaders” who consistently play corrupt patty cake with greedy good old boy developers and a generally crumbling, bankrupt “downtown” define “low-priced characteristics” to the hilt.

And now there is no end it sight, no money for an aesthetic/quality of life turn around in Molalla. I hope TEAM is planning to dump the steak house idea for some low-end thrift stores/junk stores and soup kitchens. Molalla is going to need them.

I’ll bet most of Molalla’s cheap “boom building” houses sit within 250 feet of a foreclosure by now – and if they don’t they soon will. Nice work plannin’ commission, you have created a gigantic “design” abortion that will continue to puke value for years to come.

Can anyone spell P-R-O-F-E-S-S-I-O-N-A-L or Q-U-A-L-I-T-Y yet?

Can anyone spell T-A-X-P-A-Y-E-R -S need to  R-E-V-O-L-T or T-H-R-O-W the corrupt local unethical B-U-M-S  O-U-T yet?

Can you spell R-I-P  O-F-F?

And PS: The real estate market is NOT LIKE the stock market which can rebound in a matter of days – it can take DECADES to recover lost real estate values. Take a look at the history of the “boom” that happened from the first part of the 1900’s until the Depression. “Investors” were told then that they couldn’t lose on real estate, they invested like crazy, driving up prices. Then came the Depression with a BIG REAL ESTATE CRASH. Property values didn’t recover pre-Depression values until after World War 2. Sounds kind of familiar, doesn’t it? It’s spelled L-E-A-R-N from H-I-S-T-O-R-Y.

Quote:

FORECLOSURES REDUCE A HOME’S VALUE BY 27%: EVEN THE HOUSES NEXT DOOR!

Huffington Post |  Nathaniel Cahners Hindman First Posted: 07-21-10 12:38

Thinking about defaulting on your mortgage? You might be putting a serious damper on the value of your neighbor’s home.

A single foreclosure can decrease value of homes within 250 feet by an average of 27% percent, according to a recent MIT study.

The study, which examined 1.8 million home sales in Massachusetts from 1987 to 2009, also found that the typical foreclosed home has its post-foreclosure price slashed by an average of 27 percent. (That number tends to be larger for houses with “low-priced characteristics in low-priced neighborhoods,” the study found.)

By contrast, the authors note, if a house is sold after the death of an owner, the value drops five to seven percent. If a homeowner declares bankruptcy, the study shows, the price only falls three percent.

Why do foreclosures cause such a large decline in a home’s price relative to other kinds of forced sales?

In the study’s working paper, MIT economist Parag Pathak and two Harvard researchers, John Y. Campbell and Stefano Giglio say that foreclosed houses sell at such low prices “both because they may have been physically damaged during the foreclosure process, and because financial institutions have an incentive to sell them quickly.” end quoted article

Now, just for fun, here’s Bob Dylan’s great song – I can cast Molalla’s “leaders” in this song, can’t you? Just put “rodeo” in for “circus” and it is a go!

Desolation Row by Bob Dylan

They’re selling postcards of the hanging
They’re painting the passports brown
The beauty parlor is filled with sailors
The circus is in town
Here comes the blind commissioner
They’ve got him in a trance
One hand is tied to the tight-rope walker
The other is in his pants
And the riot squad they’re restless
They need somewhere to go
As Lady and I look out tonight
From Desolation Row

Cinderella, she seems so easy
“It takes one to know one,” she smiles
And puts her hands in her back pockets
Bette Davis style
And in comes Romeo, he’s moaning
“You Belong to Me I Believe”
And someone says, “You’re in the wrong place my friend
You better leave”
And the only sound that’s left
After the ambulances go
Is Cinderella sweeping up
On Desolation Row

Now the moon is almost hidden
The stars are beginning to hide
The fortune-telling lady
Has even taken all her things inside
All except for Cain and Abel
And the hunchback of Notre Dame
Everybody is making love
Or else expecting rain
And the Good Samaritan, he’s dressing
He’s getting ready for the show
He’s going to the carnival tonight
On Desolation Row

Now Ophelia, she’s ’neath the window
For her I feel so afraid
On her twenty-second birthday
She already is an old maid
To her, death is quite romantic
She wears an iron vest
Her profession’s her religion
Her sin is her lifelessness
And though her eyes are fixed upon
Noah’s great rainbow
She spends her time peeking
Into Desolation Row

Einstein, disguised as Robin Hood
With his memories in a trunk
Passed this way an hour ago
With his friend, a jealous monk
He looked so immaculately frightful
As he bummed a cigarette
Then he went off sniffing drainpipes
And reciting the alphabet
Now you would not think to look at him
But he was famous long ago
For playing the electric violin
On Desolation Row

Dr. Filth, he keeps his world
Inside of a leather cup
But all his sexless patients
They’re trying to blow it up
Now his nurse, some local loser
She’s in charge of the cyanide hole
And she also keeps the cards that read
“Have Mercy on His Soul”
They all play on pennywhistles
You can hear them blow
If you lean your head out far enough
From Desolation Row

Across the street they’ve nailed the curtains
They’re getting ready for the feast
The Phantom of the Opera
A perfect image of a priest
They’re spoonfeeding Casanova
To get him to feel more assured
Then they’ll kill him with self-confidence
After poisoning him with words
And the Phantom’s shouting to skinny girls
“Get Outa Here If You Don’t Know
Casanova is just being punished for going
To Desolation Row”

Now at midnight all the agents
And the superhuman crew
Come out and round up everyone
That knows more than they do
Then they bring them to the factory
Where the heart-attack machine
Is strapped across their shoulders
And then the kerosene
Is brought down from the castles
By insurance men who go
Check to see that nobody is escaping
To Desolation Row

Praise be to Nero’s Neptune
The Titanic sails at dawn
And everybody’s shouting
“Which Side Are You On?”
And Ezra Pound and T. S. Eliot
Fighting in the captain’s tower
While calypso singers laugh at them
And fishermen hold flowers
Between the windows of the sea
Where lovely mermaids flow
And nobody has to think too much
About Desolation Row

Yes, I received your letter yesterday
(About the time the doorknob broke)
When you asked how I was doing
Was that some kind of joke?
All these people that you mention
Yes, I know them, they’re quite lame
I had to rearrange their faces
And give them all another name
Right now I can’t read too good
Don’t send me no more letters, no
Not unless you mail them
From Desolation Row by Bob Dylan

Copyright © 1965 by Warner Bros. Inc.; renewed 1993 by Special Rider Music

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