Daily Real Estate News | March 26, 2008Cities Try to Stamp Out Home Vacancies
Cities all over the country are devising different ways to deal with the increasing number of abandoned homes created by foreclosures. Empty, dilapidated homes can draw crime and hurt local property values.
Here's what some cities are doing about it:
- Syracuse, N.Y. has begun selling vacant homes for $1 to nonprofit groups that promise to either repair them or tear them down and replace them.
- Cleveland, Ohio, is developing a land bank to stop purchase of the properties by speculators who will leave the vacant properties sitting empty.
- Rhode Island is planning to fine home owners 10 percent of the building's value if it remains empty for more than a year.
- Buffalo, N.Y. is suing lenders who foreclose on properties and leave them vacant.
Source: Reuters News, Jason Szep (03/25/08)