Thursday, April 03, 2008

Reality Correction

That crunching sound you hear as you lie awake in the middle of the night worrying IS the sound of an ongoing reality correction, or maybe something else;

Shards of broken glass outside the basement window of 31 Vine Street hint at the destruction inside the three-story home.

Thieves smashed the window to break in and then gutted the property for its copper pipes -- a crime that has spread across the United States as the economy slows and foreclosed homes stand empty and vulnerable."They cut it here and then pulled it right out of the wall," real estate broker Marc Charney said, pointing to broken plaster near a wrecked baseboard heating system in the 2,774-sq-ft home in Brockton, Massachusetts, a working-class city of 94,304 people.

Similar stories are unfolding nationwide as a glut of home foreclosures coincides with record highs in the price of copper and other metals.

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.
Don't believe it? Check out coinflation [ koin-fley-shuhn ]
noun.
1. A persistent rise in the metal value of silver and base metal coins. 2. An inflationary effect on coins. 3. The difference between the metal value and face value in coins. where you can track its progressive progress on a daily basis.