This is really a statistical study for the Freakonomics boys, but this CNN article today points out the crime that is resulting as people move out of a foreclosed house in Cleveland. Basically, looters waste no time in going in and steeling appliances, doors, moldings, even piping and wiring.
“In the inner city, it takes about 72 hours for a house to be looted after it is vacant.”
It’s come to the point where people are putting up signs on their houses as they are being evicted, as if they are pizza delivery boys carrying less than $20 cash:
“No copper, No wiring, PVC.”
We can only hope this is a result of specifics in Cleveland or inner city crime. If this spreads into a nationwide problem, we may be in for even more than a crushing recession.
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