A satellite tour of the foreclosure crisis

[Silver Rocket Bitches!]

Yet they continue to build new homes!!

http://www.businessinsider.com/satellite-tour-foreclosure-cities-2011-1?slop=1#slideshow-start

[Libertytree]

My town made the list, Cape Coral, Fl.1 in 12 homes in foreclosure! I actually think that's a very conservative number because I've had conversations with some insiders that state they're keeping as many homes as they can off the foreclosure list as long as possible. The market is already flooded and more homes only serves to weaken the market further.

[Serpo]

Yes and the banks get them all which was their plan in the first place.......

[ximmy]

It's great for the banks, print a few more dollars, tear down the old ones, build new ones, sell to some sap who will pay one-million in interest over the next 30 years.

[Low Pan]

It's great for the banks, print a few more dollars, tear down the old ones, build new ones, sell to some sap who will pay one-million in interest over the next 30 years.


not necessarily. Banks don't want their name on the deed. If their name is on the deed then they are on the hook for the associated property tax. Now calc the property taxes on the millions of homes in FC. That is going to be the banks bill if they cannot off load some of these props for pennies on the dollar on the court house steps. Prolonging FC keeps the deed vested in the Borrowers name.

[Libertytree]

The housing situation here in S Fl is a tad different than up north. We have extremely high humidity most of the year and mold and mildew are very prevalent, a house left vacant for awhile becomes unlivable because of it, it's like a cancer. The entire house has to be gutted, all the way down to the AC duct work. Of course they put a positive spin on this because it's providing jobs.