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Politics : Politics for Pros- moderated -- Ignore unavailable to you. Want to Upgrade?

To: DMaA who wrote (257617)7/12/2008 6:57:33 PM
From: LindyBill  Respond to of 794032
 
What happens when the Federal Government owns them? What is your recourse?

I watched show that showed Stockton, Ca, one of the worst hit. The SF Liberals zoned SF so tightly that they ran off their middle class to there. Lots of 250K track simi-McMansions that sold for 450K and are now setting empty.

The Banks are auctioning them off.



To: DMaA who wrote (257617)7/12/2008 7:23:43 PM
From: Ish  Respond to of 794032
 
<<A large and growing problem is houses that are repossessed, and then left to molder by the bank.>>

I had a friend buy house in Decatur, IL. That's where the Firestone tires were made that went bad. Firestone closed the plant. People moved out. 25% empty rate.

$80 k mortgage on the place and they sold for $18 k cash. It was gutted but not in bad shape.


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