Sometimes simple math can make a complex problem visual. If I were to ask how big a box would you need to put a million one dollar bills in, what would you respond? As big as say, 3 feet cubed? Most of us have never seen a million one dollar bills all at the same time, so to estimate it would be hard , correct?
So to visualize how long a single file line would be that contained all of the people in San Diego and Riverside County who are in the formal foreclosure process would be hard, but not impossible? First we would have to know the number of Notices of Default in San Diego and Riverside County. To get that number I will go to http://www.ForeclosureRadar.com a web site Realtors and other industry professionals use to track the foreclosure process.
It turns out that the number in San Diego and Riverside Counties is, 46 307 properties. Now lets estimate that the average number of people living in the home is 3, so lets multiply by three now that equals 138,921 people.
Because when people stand in line they need some social space , lets allow 2 feet per person, one foot to stand in and 6 inches front and back. So to archive this simple math lets multiply the total number by two, this give as a grand total of the length of the line in feet. 277,842 total feet.
Some people just love math, and know the number of feet in a mile is 5280, so let’s divide the total number of feet by 5280. That will give us the length of the line. This equals 52.62 and that is miles long, yes 52 MILES LONG.
If your familiar with San Diego County that is a single file line of people from about the Mexican Border at San Ysidro to Oceanside . That is one heck of a line. Think of the “Social Impact” of foreclosures on all of these homes and the homeless people it would create. NOW ,you can see the reason for HAFA and forcing or at least strongly encouraging the the banks to see the light. This is not a problem on Wall Street this is a problem on Interstate 5 in Southern California.
The Data for this caculation included Notices of Default, Trustee Sales and Properties still in possession of the Banks in San Diego and Riverside Counties . www.ForeclosureRadar.com was the source of the Data and was gathered on Nov. 3 , 2010.
To add to the scope of the potentional problem, I will also add that many of the people who I have aided with Short Sales are not even in the formal foreclosure process. Including these people would only make the line longer. Maybe on another day I will divide this number into the number of Police officers on the beat and show you how impossible it would be to evict all of these people. Maybe that will explain why we have cash for keys.
George Kenner, Broker Associate Keller Williams Realty, Lic. 01229951
If you want to talk Short Sales Call me at 619-723-5714
Good Night Mrs. Kalabash where ever you are!