Many of these homes sold about 10 or 12 years back in the range of 75 to about 150,000 Dollars. Resale homes less than 50 years old.
Somehow or other these places were refinanced in the recent ridiculous housing boom and many of these family homes ended up with bank loan mortgages of about double of what these places were worth.
Then came the big bust, Federal agencies like Freddy Mac and Fanny Mae needed to be bailed out and the old administrations buried their head in the sand. Foreclosures by the banks and evictions followed and in some neighborhoods as many as one out of five homes were abandoned by the owners many even prior to the eviction proceedings.
Vandals and thieves rip these places apart, taking things like siding (scrap), plumbing-copper, air conditioners,kitchen and bathroom fixtures, pretty well anything they can strip of the place and leave the bank owned places as junk piles.
The city,towns,municipalities to avoid having these areas fall into total slums are ripping these homes down and selling the lots cheaply to the next door neighbours.
Sadly beacuse of the inaction of some form of governing body to stop this criminal nonsense thousands of these useful and needed homes will disappear. The municipality is not only stuck with the loss of tax revenue for these homes but as well are covering the costly expense of cleaning up and demolishing these homes.
Some efforts are made to rent or sell homes cheap but with more than 10,000 units in this precarious situation this scene looks like a disaster in the works.
Apparently, Detroit Michigan faced with a similar situation recently ended up giving free homes to police and firemen, homes in the city, with the aim of keeping them in decent repair.
...you can buy or rent some of these homes from 400 to 600 Dollars a month.....
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