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Tearing Down Forclosed Homes is the Best Option for Dealing with Backlog in Some Communities

Uncategorized August 29, 2011

"They are not going to sell on the market for much more than a few thousand dollars, and our costs in marketing those properties and preserving them generally exceed the costs," he says. "So the economics of the transaction make sense as well as the intent of the land bank to reduce supply and stabilize the neighborhood."

"Eliminating a handful of these houses really isn’t going to be a cure-all in and of itself," he says. "It’s one step in a much longer process that’s going to be required before the housing market comes back."

"The house was so far gone, we couldn’t fix it up and get any kind of a return, so we demolished the house, and we put in this community garden," he says. "And it’s now become a source of community pride."

http://www.npr.org/2011/08/29/139971310/land-bank-knocks-out-some-foreclosure-problems

Evan M. Rosen
Rosen & Rosen, P.A.
4000 Hollywood Blvd, #725-S
Hollywood, FL 33021
954-981-1852(Phone)
954-981-4610(Fax)
www.rosenandrosen.com