Losing a Home, Then Losing All Out of Storage

[dkf]

ELK GROVE VILLAGE, Ill. — The foreclosure crisis is hitting yet another American locale: the self-storage center.
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John Gress for The New York Times

Brook Snyder runs Blair Auction’s operation in Chicago.

As they lose their homes, people are turning to these humble cinderblock and sheet-metal boxes to store their stuff. But some people cannot keep up with their storage bills any better than they could handle their mortgage payments, and storage companies are auctioning off their property for a pittance.

.....

Subprime mortgage loans had low “teaser” rates to lure borrowers. Many storage facilities offer the first month for free.

“You tell yourself, ‘I’m only going to put my things in for a short time,’ ” Mr. Blair said. “Before you know it, you’re behind. Then you have to pay penalties and interest. You owe $400 to $500. If you lost your job, you can’t come up with that, not if you want to feed your family.”

Nearly non-existent 35 years ago, self-storage has become ubiquitous, with 51,000 facilities nationwide. Even as the larger economy falters, the industry is flourishing. Executives say the mortgage crisis is one reason.

http://www.nytimes.com/2008/05/11/business/11storage.html?_r=2&hp&oref=slogin&oref=slogin

[juno jones]

1. Oh fuckin' jesus.

I used to manage storage. Hated it. It can only be worse now.

We used to have to throw out stuff that didn't sell at auction. We would try to save photos, deceased ashes, etc, but after a period of time, there's nothing you can do. The pain made me quit.

[Bozita]

2. The NYT article is devastating. Your experience adds to it.

Thanks for posting.

[hadrons]

3. I've been to a few storage auctions ....

not that I was looking to pick the bones of others and I never bidded since I was looking for very specific items (usually old beta or VHS tapes; I collect original airing TV programs that were recorded off TV with the commercials intact or items not on DVD like newscasts or sporting events from the 70's or 80's ... I uploaded some of the newscasts on youtube and got a good reaction here.)

I never found any and if I did win an unit I would give everything else back (heck, I would give the tapes back ... after converting them to DVD.)

However, it was sad seeing pictures and other personal items of no re-sell value (most people who bid on these units are flea market vendors/used store owners) knowing they would be thrown-out.