Local governments are scrambling to deal with the foreclosure lists in their respective cities. Mayors have been invited to gather in Washington DC to discuss problems associated with foreclosures. Many localities have inquired about establishing a line of communication with the 50% of people who never contact their lender before their home is foreclosed.
Foreclosures cause a strain to cities with abandoned homes, abandoned buildings and apartments, uncut lawns, vandalism, unpaid property taxes and a detrimental affect on the neighboring community(s).
Cities estimate that an empty house costs that city an average of $34,000 for inspections, court actions, extra law enforcement and visits from city utilities. Some cities are investigating potential law suits against lenders. Baltimore has initiated a suit against Wells Fargo.
The public will hold each city accountable for neighborhood conditions resulting from foreclosures...so I'm glad for the meetings and hope they are progressive. Email your comments....
Thank you for making me Your Orange County Real Estate Connection.
Best regards, Michael Caruso