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Abandoned Houses – The Quickest Way to Real Estate Profits
Abandoned houses can be found in any neighborhood. In fact in 2013, out of America’s 133 million housing units, 10.7% of them – that’s more than 14.2 million – were abandoned.
So why are there so many abandoned housing units still causing problems for their owners? These problems mostly correlate directly to the collapse of the housing bubble – when housing prices peaked in 2006, then declined rapidly until they hit all new lows in 2012 – and the foreclosure crisis it triggered soon afterwards. And it is generally acknowledged that together these two were a large part of what pushed us into the 2007-2009 recession.
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Abandoned Houses: In the midst of the housing bubble we saw an increase in foreclosure rates; borrowers found it more difficult to refinance their loans, and as adjustable-rate mortgages started to reset themselves at higher interest rates (causing higher monthly payments), mortgage delinquencies increased. And this led to an increased number of foreclosures and subsequently abandoned houses (and shadow inventory.)
This crisis seemed to culminate as well, in 2012 when an apparently widespread epidemic occurred of ... more
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