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.
Americans are living in refugee camps, and the banks are giving away (vandalized and worthless because of the foreclosure) homes. After a period of aggregate stupidity reaching some nigh-infinite apex maybe this shit will all just sort itself out.
:: posted by buermann @ 2009-03-31 05:53:03 CST |
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