Another Change in the American Economy; The New Reality is Now
In September, the Vanderweys, an Arizona dairy farming family, paid $8 million for a 760-acre alfalfa and cotton field that had fallen into foreclosure in Buckeye, Ariz., about 30 miles west of Phoenix. That same parcel, called
Farm, had been sold to real-estate speculators in 2005 for $40.8 million. The Vanderweys want to plant hay. Liberty
And there is this
England family, which recently repurchased 430 acres of cotton fields in In 2004, the Eloy, Ariz. Englands had paid $731,000 for the parcel about 65 miles southeast of . The family then flipped the property in 2009 to a Milwaukee-based apartment builder for $8.6 million. Two months ago, the family, which had been leasing the land to grow cotton, bought back the farm out of foreclosure for $1.75 million. Phoenix
So if The Dismal Political Economist can do the math correctly, the
family has the same land they originally bought along with about $6 million. The DPE thinks this is great, nice going Englands. England
As for the speculators and developers, anybody feel sorry for them. No, didn’t think so. But before anyone gets too smug, your tax dollars are probably being use to bail out the banks or financial institutions that loaned the money to the developers to do those deals.