ratmist
Well-known member
From Reuters:
Some U.S. homes worth less than their copper pipes | U.S. | Reuters
Excerpt:
Some U.S. homes worth less than their copper pipes | U.S. | Reuters
Excerpt:
Real estate brokers and local authorities say once-proud homes coast-to-coast are being stripped for copper, aluminum, and brass by thieves. Much of it ends up with scrap metal traders who say nearly all copper gets shipped overseas, much of it to China and India. In areas hit hardest by foreclosures, such as the Slavic Village neighborhood of Cleveland, Ohio, copper and other metals used in plumbing, heating systems and telephone lines are now more valuable than some homes.
"We're in an incredibly unfortunate time where the nonferrous metals commodities market for scrap is at an all-time high. Houses are getting stripped pretty quickly once they go through the foreclosure process," Cleveland city councilor Tony Brancatelli said.
"We're seeing houses sold for $100 that are distressed houses that should not be recycled," he said. Some boarded-up homes in his Slavic Village community have "No copper, only PVC" painted on the boards to stop would-be thieves.
Is the housing crisis affecting you? How do you feel about it? I worry about how this will affect my brother in America. It's already affecting my mother, who owns her home (and it's paid off), but she suffered a bad flood and needed the insurance to pay out. Turns out the contents of my childhood home are worth more than the home and the property itself. It chills the blood."We're in an incredibly unfortunate time where the nonferrous metals commodities market for scrap is at an all-time high. Houses are getting stripped pretty quickly once they go through the foreclosure process," Cleveland city councilor Tony Brancatelli said.
"We're seeing houses sold for $100 that are distressed houses that should not be recycled," he said. Some boarded-up homes in his Slavic Village community have "No copper, only PVC" painted on the boards to stop would-be thieves.
