It really doesn't seem to matter what neighborhood these bank owned properties are in. The bank takes over the property and turns off the utilities. In the moist Spring, Summer, and Fall, there's no air conditioners running in these homes to keep the humidity at bay. If the foundation leaks water into the basement, the sump pumps don't work because the power has been turned off. As deep snow begins to melt, ice damming leaks in through the roof. Mold grows and flourishes. Drywall is extensively water damaged and/or covered in mold growth. Anything mold can survive off of becomes a nice petri dish.
These properties deminish in value extremely fast once utilities are turned off. Having the house remediated for mold and hiring licensed Contractors to put the house back to livable conditions once they've been gutted is extremely pricey considering the banks are turning the utilities off to simply save money.
Once these properties are sold, the comps in the area are pulled down, and housing values of proud homeowners who actually take care of their properties suffer. All for what?! It makes no sense.
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