It doesn’t take a mental giant to do the new math of the foreclosure crisis. As a matter of fact, it’s as easy as two plus two.

Here’s all you have to factor into the equation in order to successfully perform the new math:

1) There are many areas around the country where foreclosures are abundant. Pick your favorite.
2) Commodities prices are soaring — especially for metals like copper, bronze, platinum and aluminum.

Add the two together and what do you get? A steal!

In this case literally. Stories are starting to appear from all over the country, particularly from areas where foreclosure saturation is pretty heavy, about metal scrappers breaking into vacant foreclosures and ripping out copper plumbing, stealing kitchen stoves, and anything else metallic they think they can take and sell for a profit.

The problem is so rampant in areas like San Bernardino County, Calif., and Cleveland, Ohio, that homebuilders are putting out signs stating that the homes are built with PVC plumbing and no copper in order to dissuade the thieves.

Public officials have taken notice as well and are proposing legislation to deal with the situation, including holding lending institutions financially responsible for the upkeep of their REO properties until such time as they sell. Some places have even proposed that the lenders pay a registration fee for every foreclosed property when it comes back to the bank.

In any case, foreclosures have obviously spurned a cottage industry of the sort that public officials fear will further bring down local property values. In the process, the thieves have turned off prospective homebuyers and lenders from dealing with properties in those neighborhoods.

And this is a trend that is not good for real estate investors and would-be homebuyers looking for bargain properties to purchase. It just doesn’t add up to their advantage.