Where have all the residents gone? Rentals aren't renting, condo's/homes are vacant? Where are they?

Where have all the residents gone? Rentals aren't renting, condo's/homes are vacant? Where are they?

Where are people living these days.  There was a report on FOX news this morning stating that the rental industry is not doing well either.  If all the people are in foreclosure, REO's and the rental market is also excessive, where are people living these days?  DID THEY MOVE HOME WITH THE PARENTS? That question was posed by Megyn Kelly this morning on FOX news.

That being said, where is everyone?  Are families being forced to live together in conditions not suitable? Has the situation in the USA become so distressed that families have to live together to survive?

This is my point. Why won't the banks work with people?

I had a customer make an offer on an REO last week.  It was listed around $100K, needs an entire new roof (still has tarp from Wilma - 3 yrs ago), has mold throughout, termites falling out of the interior doors, some of the appliances still work, there is a sliding door which is falling inside...YUP! It's a "knock down"...It's on a small lot.  The surrounding homes are fairly decent (I'm sure they would love someone to come in and put up a nice home so their property values weren't suffering from this mess).  We offered a little over $74K...CASH.

The bank denied the offer. I asked the listing agent if he discussed the mess this property was now in after 3 years under blue tarp and if he had even seen the property...he declined comment. Which I posted a blog about last week.

NOW, my question is two-fold.  If there are people with cash to help out the banks, to rebuild the home, to improve the housing debacle...why aren't the banks cooperating.  After all, in south Florida, prices have dropped 36% in some area's in 2008 where either the home owner did not have enough insurance to fix the mess left by dear Wilma, or there was not enough insurance for them to do so.

In the mean time, due to the devastating living conditions, these people moved.  You cannot live in mold without developing breathing issues and most people understand, mold is not safe.  Therefore, this home, due to lack of mortgage payments ended up in foreclosure and now is an REO.

Why I ask wouldn't the bank want to get rid of these properties or those like I described?

What is it costing them on a daily basis to hang onto these properties, waiting for what?  Really, how many buyers are out there right now in this Economy and with 2 million people losing their jobs last year...where do they think the buyers are going to come from?

Back to the title.  With all of the homes that are currently REO's and all the homes/condo's that are vacant due to damage, and with the rentals in surplus (they are handing out perks like candy)(some are even renting to low end credit scores just with the hope to continue to get income).

Where is everyone living?  Where did they go? Are families living together in limited space?

Does anyone know?

http://www.KarenMonsour.com, 954-464-4194 cell

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