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The recent thaw in state foreclosure actions has added to the millions of vacant, foreclosed properties already on the market. Since September 2008, mortgage companies and banks have foreclosed on 3.3 million homes and in just the last year, more than 860,000 have been lost to foreclosure–fully half in five states: California, Florida, Arizona, Michigan and Texas.

This is a costly proposition. Besides what the private entities are spending, the government-sponsored enterprises, Fannie Mae and Freddie Mac, paid out nearly $1 billion for maintenance costs in 2010, while local governments are spending millions more to take care of properties that are not properly maintained.

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Peter Westerman


Credit Union Times

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