Thursday, April 03, 2008

Foreclose and - dump the property?

This is a rather interesting idea - banks forclosing on homes, but then they don't want the property.

Evidently, after awhile, the house/building/property just reverts back to the ownership of the county, who can do whatever they want with it. Tear it down, build a low income place, sell it off - whatever.

In a way, this isn't entirely a bad thing - it gives a new chance for houses to be sold to people who otherwise wouldn't afford them, or for counties to make some money. At the same time, this is a bad thing to all of the other properties - imagine the value of your property falling as all of the houses around you are owned by - nobody. Who wants to buy your house when they can get one of these practically free ones?

A sign of wore things to come - or just things working as they should? I really can't say with any degree of knowledge one way or the other. But it is - interesting.

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