Banks Walk Away from Foreclosures



With over 19 million, yes 19 million vacant homes in the US, many suburbs are looking even more like a war zone than usual. The New York Times reports that:

City officials and housing advocates here and in cities as varied as Buffalo, Kansas City, Mo., and Jacksonville, Fla., say they are seeing an unsettling development: Banks are quietly declining to take possession of properties at the end of the foreclosure process, most often because the cost of the ordeal — from legal fees to maintenance — exceeds the diminishing value of the real estate.


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What is the solution?

The above picture is from Mike Licht, who comments on the fuzzy data promoted by US real estate agents, soon to be known as ffffantasy agents.

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https://prosper.org.au/2009/03/31/banks-walk-away-from-foreclosures/