The Banks Are Shafting the American People Again!

By
Real Estate Agent with Champions Real Estate Services - Lynnwood, WA

GOA report on abandoned housing.We all know how the banks are sticking it to the American people by taking our bailout money, and still make it difficult for homeowners to modify their loans and stay in their homes. But I bet you did not know that banks are sticking it to local governments as well by not maintaining all of their foreclosed properties.

In areas where home values are very low, banks are abandoning homes because it costs more to foreclose on them and maintain them today will get at auction. This is not a common occurrence here in the Seattle area but is happening more often in Michigan, Florida and Ohio which have taken a beating.  Most of the abandoned Lynnwood real estate that I see is property sitting idle because a developer bought it and now can't turn it.


What banks abandoning properties does is force the responsibility of dealing with these abandoned properties onto the local governments, and by not foreclosing on these homes they are avoiding paying real estate taxes as well.

The banks wanted all the profit when things were good, but now are doing their best to deal with the consequences of making thousands of bad loans.

 

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Topic:
Real Estate Market Trends
Groups:
Puget Sound - WA Real Estate
Tags:
banks
real estate
lenders
abandoned homes

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Rainmaker
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Jane Jensen
Century 21 New Millennium - Arlington, VA

And paying themselves big bonuses again. Blech! Greed is icky. 

Jan 14, 2011 01:47 AM #1
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Pam Dent
Gayle Harvey Real Estate, Inc. - Charlottesville, VA
REALTORĀ® - Charlottesville Virginia Homes / Horse

We have not seen this happening in Central Virginia and I hope we won't see it in the future.

Jan 15, 2011 01:40 PM #2
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