A 60 Minutes Assessment of the Home Stockpile Crisis and the Market

I don't know if anyone else caught this segment of 60 Minutes on Sunday. I thought it was an interesting snapshot of a crisis. All viewpoints and comments welcomed.

 

http://www.cbsnews.com/video/watch/?id=7392090n

 

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I saw it.  I think the town manager was dead on with this feelings regarding this mess.  The town must be going broke demo-ing those homes.  When I see that, I'm grateful for the market that I'm in because we are not faced with anything like that.

Yeah, you're correct.  I give the man lots of credit for trying to do something about it and also for thinking outside the box, but that's a deep cost.  I also wonder how the remaining adjacent property owner's county taxes are being handled, now that they are acquiring more land in the process.  It's a very difficult time to be a mayor in mid-America.

I too am grateful that we are not in a market like that.  Detroit is doing the same thing.  I can see how it would be less of a liability by tearing it down and donating the land.  Can't imagine what types of rodents and vagrants that these properties attract.   Cities like Cleveland may never come back from the recession, it would take alot of new jobs and alot of people to fill the demand for all of the vacant housing.

The banks made their money during the boom, I doubt that the real cost of doing this is that great when compared to the money that they already made in fees and interest. 

Whatever rodents are in those homes, I'm sure they're still growing.  This seem to parallel the population shifts to the sunbelts in recent years.

our area has more vagrant problems than ahything

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