Recently I went to visit an acquaintance who was trashing out his own condo. There were hinges to be pried out of doorways and appliances to take for eBay. The house had become inert, a non-house: trapped somewhere between the building's association who wanted the fees owed to pay for the building's roof and walls and the like, the people who wanted the property taxes to pay for things like schools and street lights and roads and the people who were in charge of collecting (or more likely not collecting) the mortgage for whomever actually owned the mortgage debt (at the end of that chain, quite possibly you and me). These various claimants made the house largely worthless—more worthless than the latest assessment, which was… well, a comparable apartment nearby had recently sold for $120,000. It had been listed at $325,000 in May, 2009. That $120,000 sale price was not much higher than that apartment's last sale—twenty years ago.
Anyway, it was somewhat likely that, after the investment of some work on this apartment that was being trashed out, such as providing it with new door hinges and appliances, the association would find a renter unafraid of a possibly surprising ending to his rental agreement term in exchange for a below-market rent. That would be a best outcome.
The others would most likely find no purchase for their attempts to collect (the owner was protected by bankruptcy), and certainly the bank had little incentive to collect the mortgage, although their claims on the title would likely make finding a purchaser difficult.
One of the few chairs remaining in the near-vacant condo was occupied by someone on the other side, as it were. Someone not in bankruptcy, for one thing. This person had recently made a $200,000 offer on two-bedroom apartment in a nice part of town. (Needless to say, this town was not New York City.)
But when he had gone to get a mortgage, the bank had balked, because that apartment now assessed at half that value, and so now his current offer for the two-bedroom was at something like $78,000, having come up from something like $65,000 or $72,000. That offer number was jiggling and that title too was somewhat not entirely not cloudy, because that condo association was trying to get a bit of the sale money for past unpaid maintenance under the old owner, which seems, if logical, a bit short-sighted of the association's best interests. They ran the risk of receiving zero dollars instead of some dollars, by dragging the potential new owner into someone else's debt.
But then, we're pretty much all subject to someone else's debt these days, even those of us who rent. Renters are shielded from what is happening with a property, except when they receive a stray envelope addressed to their landlords, or the records pop up online—and the record-keeping systems, when I look up mortgages and sales online, seem to me to be bogged down and very tardy. I imagine the one or two municipal employees in each town in America with the responsibility of making these things public crouched in some little cave, with a stack of depressing white and red and yellow paper towering over their little desks. (Really, it's probably all done by computers. With near- or off-shored labor—somewhere in Utah or Israel.)
In any event, there it was: the magical $78,000 two-bedroom apartment. The steal of a lifetime. The great American get-ahead.
I bring this up in part because this Sunday, at the Brooklyn Book Festival, there is a panel at noon which includes Naomi Klein and Kurt Andersen and Jordan Flaherty and also Paul Reyes. His new book, Exiles in Eden—some of which is in the August issue of Harper's—is an account of going to work for his father, who has for some time now been a trasher-outer of abandoned and foreclosed homes. In the book, Reyes follows the trail of breadcrumbs of the people who've abandoned or been evicted from their houses to the foreclosure auctions, and along the way meets people like the housing advocates who've installed squatters in vacant properties.
(The panel is slotted against "Me… In The World," which stars Sam Lipsyte, and a panel called "Pop Life: Music, Memory, and America’s Coming of Age," with Ta-Nehisi Coates, which may be more appealing and relaxing and better-attended, but then we all have to make difficult choices in these times.)
Reyes did the first reading from his book the other week and something odd happened. He did not get author-friendly questions about the precious process of writing his book. Instead, a long discussion ensued among the audience members about the financial system and the housing market. In the audience were brokers and bankers and homeowners and renters. A mass of anecdotage and experience and theory was shared. It was something like an impromptu consciousness-raising session, very thorough, and when the audience left, everyone had had time to sift through his and her experiences with the state of our financial system and to incorporate some fresh input.
"The audience reaction was exactly what I'd hoped for," Reyes wrote to me the other day. "I'm certainly happy to stand up there and blather for twenty minutes, but I'd much rather have an intense discussion about this issue and hear what people have been through and what their ideas are."
Although he'll be taking this conversation to the Times' Opinionator blog's Living Rooms section soon, he does not have at this time many in-person readings scheduled; author reading tours are not booked by publishers much these days.
"I'm trying to work the promotion of the book into a split personality tour of sorts–between the narrative journalist and housing wonk," Reyes wrote. "If all goes well, I'll drop in on university classes in the daytime, then hit the bookstores at night. I'll wear a different pair of glasses for each role, of course."
Next week, on the 14th, Reyes will be reading as well at the Enoch Pratt Library in Baltimore. Perhaps you'd like him to visit your fine local bookstore, classroom or community center. His email address is on his website.
This video can be downloaded from here;
http://www.mediafire.com/?fvv4bf2ssvk...
Please feel free to mirror it, but if you do please also included the links contained in this description.
The Show:
The show will start at 4pm (BST) on Saturday 18 September.
It will be shown here;
http://www.blogtv.com/People/dprjones
To see what time that is where you are go to;
http://www.timeanddate.com/worldclock...
The Charity:
If you want any information about the charity please contact me or watch my previous videos or go to one of the websites, some are which are;
MSF(UK)
http://www.msf.org.uk/
MSF(US) (Doctors without Borders)
http://www.doctorswithoutborders.org/
MSF(Australia)
http://www.msf.org.au/
MSF(Canada)
http://www.msf.ca/
The MSF(UK) youtube channel is here;
http://www.youtube.com/user/msfuk
How to donate:
On MSF's recommendation I have set up donation pages at the following sites;
Justgiving;
http://www.justgiving.com/dprjones24h...
THIS SITE ACCEPTS DONATIONS THROUGH PAYPAL
Firstgiving;
http://www.firstgiving.com/dprjones
Both these sites provide an effective, safe and secure method of making donations. You will not get junk e-mails not will your details be distributed.
The pages are open now if you want to donate. They will also remain open for a further 2 months after the show.
The schedule of the hosts and co-hosts:
This video contains the best information that I can give at the moment. There are likely to be some minor changes before the event. I'll be posting an update video nearer the time with a full schedule.
For the avoidance of doubt, Michael Shermer will not be on the show, but was kind enough to provide the clip used at the beginning of this video.
The e-bay auction:
If you have any items that you wish to donate then please contact;
http://www.youtube.com/user/Proportio...
The MSF's got Talent competition is open until 12th September. Please watch the video below for details on how to enter. NOTE, mirroring of the video is no longer a necessary requirement.
http://www.youtube.com/watch?v=F6PKQz...
Obama: Fox <b>News</b> Has A Point Of View That Is 'Ultimately <b>...</b>
President Obama has given a lengthy interview to Rolling Stone publisher Jann Wenner for the upcoming issue of the magazine. The cover story is titled Obama Fights Back and boy does he ever. At least where Fox News is concerned.
Obama Says Fox <b>News</b> Is Hurting The Growth Of The United States
President targets Murdoch, hedge fund executives, and whiny Democrats in Rolling Stone interview.
COD: Black Ops zombies spotted again <b>News</b> - Page 1 | Eurogamer.net
Read our news of COD: Black Ops zombies spotted again.
halloween costumesObama: Fox <b>News</b> Has A Point Of View That Is 'Ultimately <b>...</b>
President Obama has given a lengthy interview to Rolling Stone publisher Jann Wenner for the upcoming issue of the magazine. The cover story is titled Obama Fights Back and boy does he ever. At least where Fox News is concerned.
Obama Says Fox <b>News</b> Is Hurting The Growth Of The United States
President targets Murdoch, hedge fund executives, and whiny Democrats in Rolling Stone interview.
COD: Black Ops zombies spotted again <b>News</b> - Page 1 | Eurogamer.net
Read our news of COD: Black Ops zombies spotted again.
Recently I went to visit an acquaintance who was trashing out his own condo. There were hinges to be pried out of doorways and appliances to take for eBay. The house had become inert, a non-house: trapped somewhere between the building's association who wanted the fees owed to pay for the building's roof and walls and the like, the people who wanted the property taxes to pay for things like schools and street lights and roads and the people who were in charge of collecting (or more likely not collecting) the mortgage for whomever actually owned the mortgage debt (at the end of that chain, quite possibly you and me). These various claimants made the house largely worthless—more worthless than the latest assessment, which was… well, a comparable apartment nearby had recently sold for $120,000. It had been listed at $325,000 in May, 2009. That $120,000 sale price was not much higher than that apartment's last sale—twenty years ago.
Anyway, it was somewhat likely that, after the investment of some work on this apartment that was being trashed out, such as providing it with new door hinges and appliances, the association would find a renter unafraid of a possibly surprising ending to his rental agreement term in exchange for a below-market rent. That would be a best outcome.
The others would most likely find no purchase for their attempts to collect (the owner was protected by bankruptcy), and certainly the bank had little incentive to collect the mortgage, although their claims on the title would likely make finding a purchaser difficult.
One of the few chairs remaining in the near-vacant condo was occupied by someone on the other side, as it were. Someone not in bankruptcy, for one thing. This person had recently made a $200,000 offer on two-bedroom apartment in a nice part of town. (Needless to say, this town was not New York City.)
But when he had gone to get a mortgage, the bank had balked, because that apartment now assessed at half that value, and so now his current offer for the two-bedroom was at something like $78,000, having come up from something like $65,000 or $72,000. That offer number was jiggling and that title too was somewhat not entirely not cloudy, because that condo association was trying to get a bit of the sale money for past unpaid maintenance under the old owner, which seems, if logical, a bit short-sighted of the association's best interests. They ran the risk of receiving zero dollars instead of some dollars, by dragging the potential new owner into someone else's debt.
But then, we're pretty much all subject to someone else's debt these days, even those of us who rent. Renters are shielded from what is happening with a property, except when they receive a stray envelope addressed to their landlords, or the records pop up online—and the record-keeping systems, when I look up mortgages and sales online, seem to me to be bogged down and very tardy. I imagine the one or two municipal employees in each town in America with the responsibility of making these things public crouched in some little cave, with a stack of depressing white and red and yellow paper towering over their little desks. (Really, it's probably all done by computers. With near- or off-shored labor—somewhere in Utah or Israel.)
In any event, there it was: the magical $78,000 two-bedroom apartment. The steal of a lifetime. The great American get-ahead.
I bring this up in part because this Sunday, at the Brooklyn Book Festival, there is a panel at noon which includes Naomi Klein and Kurt Andersen and Jordan Flaherty and also Paul Reyes. His new book, Exiles in Eden—some of which is in the August issue of Harper's—is an account of going to work for his father, who has for some time now been a trasher-outer of abandoned and foreclosed homes. In the book, Reyes follows the trail of breadcrumbs of the people who've abandoned or been evicted from their houses to the foreclosure auctions, and along the way meets people like the housing advocates who've installed squatters in vacant properties.
(The panel is slotted against "Me… In The World," which stars Sam Lipsyte, and a panel called "Pop Life: Music, Memory, and America’s Coming of Age," with Ta-Nehisi Coates, which may be more appealing and relaxing and better-attended, but then we all have to make difficult choices in these times.)
Reyes did the first reading from his book the other week and something odd happened. He did not get author-friendly questions about the precious process of writing his book. Instead, a long discussion ensued among the audience members about the financial system and the housing market. In the audience were brokers and bankers and homeowners and renters. A mass of anecdotage and experience and theory was shared. It was something like an impromptu consciousness-raising session, very thorough, and when the audience left, everyone had had time to sift through his and her experiences with the state of our financial system and to incorporate some fresh input.
"The audience reaction was exactly what I'd hoped for," Reyes wrote to me the other day. "I'm certainly happy to stand up there and blather for twenty minutes, but I'd much rather have an intense discussion about this issue and hear what people have been through and what their ideas are."
Although he'll be taking this conversation to the Times' Opinionator blog's Living Rooms section soon, he does not have at this time many in-person readings scheduled; author reading tours are not booked by publishers much these days.
"I'm trying to work the promotion of the book into a split personality tour of sorts–between the narrative journalist and housing wonk," Reyes wrote. "If all goes well, I'll drop in on university classes in the daytime, then hit the bookstores at night. I'll wear a different pair of glasses for each role, of course."
Next week, on the 14th, Reyes will be reading as well at the Enoch Pratt Library in Baltimore. Perhaps you'd like him to visit your fine local bookstore, classroom or community center. His email address is on his website.
This video can be downloaded from here;
http://www.mediafire.com/?fvv4bf2ssvk...
Please feel free to mirror it, but if you do please also included the links contained in this description.
The Show:
The show will start at 4pm (BST) on Saturday 18 September.
It will be shown here;
http://www.blogtv.com/People/dprjones
To see what time that is where you are go to;
http://www.timeanddate.com/worldclock...
The Charity:
If you want any information about the charity please contact me or watch my previous videos or go to one of the websites, some are which are;
MSF(UK)
http://www.msf.org.uk/
MSF(US) (Doctors without Borders)
http://www.doctorswithoutborders.org/
MSF(Australia)
http://www.msf.org.au/
MSF(Canada)
http://www.msf.ca/
The MSF(UK) youtube channel is here;
http://www.youtube.com/user/msfuk
How to donate:
On MSF's recommendation I have set up donation pages at the following sites;
Justgiving;
http://www.justgiving.com/dprjones24h...
THIS SITE ACCEPTS DONATIONS THROUGH PAYPAL
Firstgiving;
http://www.firstgiving.com/dprjones
Both these sites provide an effective, safe and secure method of making donations. You will not get junk e-mails not will your details be distributed.
The pages are open now if you want to donate. They will also remain open for a further 2 months after the show.
The schedule of the hosts and co-hosts:
This video contains the best information that I can give at the moment. There are likely to be some minor changes before the event. I'll be posting an update video nearer the time with a full schedule.
For the avoidance of doubt, Michael Shermer will not be on the show, but was kind enough to provide the clip used at the beginning of this video.
The e-bay auction:
If you have any items that you wish to donate then please contact;
http://www.youtube.com/user/Proportio...
The MSF's got Talent competition is open until 12th September. Please watch the video below for details on how to enter. NOTE, mirroring of the video is no longer a necessary requirement.
http://www.youtube.com/watch?v=F6PKQz...
Obama: Fox <b>News</b> Has A Point Of View That Is 'Ultimately <b>...</b>
President Obama has given a lengthy interview to Rolling Stone publisher Jann Wenner for the upcoming issue of the magazine. The cover story is titled Obama Fights Back and boy does he ever. At least where Fox News is concerned.
Obama Says Fox <b>News</b> Is Hurting The Growth Of The United States
President targets Murdoch, hedge fund executives, and whiny Democrats in Rolling Stone interview.
COD: Black Ops zombies spotted again <b>News</b> - Page 1 | Eurogamer.net
Read our news of COD: Black Ops zombies spotted again.
Dr. eric seigerObama: Fox <b>News</b> Has A Point Of View That Is 'Ultimately <b>...</b>
President Obama has given a lengthy interview to Rolling Stone publisher Jann Wenner for the upcoming issue of the magazine. The cover story is titled Obama Fights Back and boy does he ever. At least where Fox News is concerned.
Obama Says Fox <b>News</b> Is Hurting The Growth Of The United States
President targets Murdoch, hedge fund executives, and whiny Democrats in Rolling Stone interview.
COD: Black Ops zombies spotted again <b>News</b> - Page 1 | Eurogamer.net
Read our news of COD: Black Ops zombies spotted again.
http://www.businessweek.com/magazine/content/07_18/b4032066.htm
http://www.businessweek.com/magazine/content/07_18/b4032066.htm
http://www.businessweek.com/magazine/content/07_18/b4032066.htm
http://money.cnn.com/magazines/fortune/fortune_archive/1999/10/25/267811/index.htm
http://money.cnn.com/magazines/fortune/fortune_archive/1999/10/25/267811/index.htm
http://money.cnn.com/magazines/fortune/fortune_archive/1999/10/25/267811/index.htm
http://www.businessweek.com/magazine/content/07_18/b4032066.htm
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