Foreclosure ‘home rage’ in Las Vegas

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Worth reading and watching: This Wall Street Journal story and video about ‘home rage’ in Las Vegas -- when owners of foreclosed homes trash the place on their way out the door.

The story quotes a local agent, Joe Kraemer, who says vandalism and outright theft are the rule rather than the exception. ‘Washer-dryer, refrigerator? Always gone. No matter what.’

Other common departure tricks: flooded houses, and the old cement-down-the-toilet trick. These are some angry former homeowners.

The story explains that this is why banks and lenders pay a kind of ransom known as ‘cash for keys’ -- up to $2,800 in one Vegas example -- to persuade homeowners to leave without trashing the place first.

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com.

Hat tip: Take Five, via e-mail, who saw the story on Housing Panic