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On the Ground, In the Heart of the Foreclosure Crisis

Posted by: Nate Berg

6 October 2008 - 7:00am

This video from KCET takes a look inside one of the formerly fastest-growing parts of the country as it grapples with a flood of foreclosures and abandoned properties.

"For the past few years, the Inland Empire in Riverside County has been one of the fastest growing counties in the state - home to a major housing boom. But now the Inland Empire is pretty much the poster child for the foreclosure crisis. In the newer developments, house after house sits vacant - either up for auction, for sale by a bank or going for what’s called a “short sale” which is when the owner owes more than the house is worth."

Full Story: Foreclosure Alley
Source: KCET, October 3, 2008
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There is lots of theory, and lots of wonderful mathematics, and even lots of dealmaking. But the financial engineers are not real engineers who take responsibility for the bridges that fall down. They have no notion of a safety factor.
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