Bank foreclosures and abandonment are causing high home vacancy levels in neighborhoods across the country. Scott Pelley travels to Cleveland, a city that’s fighting back against blight.
December 18, 2011 1:38 PM
Article: There Goes the Neighborhood
Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.
"Dollar depreciation leads to higher inflation and ultimately forces foreign creditors to question their rationale and indeed their sanity for continuing purchases of U.S. Treasuries." -Bill Gross
Signs continue that European markets are getting tired. The Spanish and Italian stock markets, big beneficiaries of the sharp decline in their bond yields over the past few months are falling to the lowest since Feb 1. The European bank index is at a 1 1/2 week low after earnings reports from Commerzbank and Credit Ag (RBS bouncing although reporting weaker than expected earnings) were disappointing. This market action is in spite of the German IFO business confidence figure which rose to a 7 month high coming in a touch above expectations and Italian consumer confidence which bounced more than...
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December 19th, 2011 at 4:29 pm
saw it live right after football > Broncos & Patriots
(SNL Tbow’d the magic :-) not (what do I know ?) chuckle out loud
December 19th, 2011 at 8:49 pm
I’m amazed to not see a horde of self-righteous indignation posts here about how bad people are who walk away. I can say that, in my experience (and as a Realtor I deal with a LOT of these folks), people who walk away and can afford their mortgages are very rare. The vast, vast, vast majority are people who have REAL hardships (lost jobs, medical bills, deceased spouse,etc. and sometimes combinations of these). And the ones who bought on liar loans or overspent have long since been purged from the system. The ones left are mainly good people with good intentions who fought tooth and nail to hang on. Again, this is at least my experience.
December 20th, 2011 at 6:32 pm
Surely F&F could become a giant govt rental agency, and offer some of these homes on a rent-to-buy basis to homeowners who otherwise could not afford to buy, but would value a home of their own.
What a complete waste of capital we see in this video. In short the loss is bourne by the taxpayer but any gains will go to the neighbour who essentially picks up free land.
December 20th, 2011 at 7:50 pm
Say if a company is in exactly this same situation, paying a buck and sitting on 50cents of value. The immediate thing it does (unless its too big to fail – in which case it gets a free ride) is it files for bankrupcy; wipes out the stake of all tax paying public and maybe a percentage of bond holders as well and come out clean. Hey they will even come sell new issues the next week (was it freddie that did it; ya i think so. damn.. took my 3000$ bucks with it).
But when it comes to a home owner, its a good thing to keep paying the mortgage? Is that really the right thing to do? Say it is; then why arent corps upheld to the same torch?
-gariki