The Vacant Dead: The 50 US Cities With The Most "Zombie" Foreclosures

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The Vacant Dead: The 50 US Cities With The Most “Zombie” Foreclosures

The Vacant Dead: The 50 US Cities With The Most “Zombie” Foreclosures

Zero Hedge-

Over the past five years, first as a result of the 2010 robosigning scandal and then due to the natural build up of a massive backlog of cases in judicial states, which in some cases is well over 1000 days, America’s conventional house clearing mechanisms of foreclosure and bank repossessions had become clogged up to previously unseen levels.

Which was precisely how the banks wanted it: after all, by minimizing the supply of housing for sale, this served as an aritifical subsidy to the housing market. It achieved two things: it kept housing prices artificially high, and allowed millions to live in their house mortgage-free for years, while also providing a “spending stimulus” to millions who in lieu of spending cash on rent (or mortgage) could purchase discretionary items.

Five years later, however, with the stock market at all time highs and the housing recovery supposedly in full swing, albeit on an artificially inflated basis due to abnormally low inventory, the banks are starting to collect.

 [ZERO HEDGE]

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GARY DUBIN LAW OFFICES FORECLOSURE DEFENSE HAWAII and CALIFORNIA
Kenneth Eric Trent, www.ForeclosureDestroyer.com

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