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THE END GAME IS TO INCREASE THE VALUE OF THE PROPERTIES WITH CLEAN TITLES…..

Good blog post about the top 50 US cities with the most “zombie” foreclosures. It also discusses how the big banks actually benefited from the backlog of foreclosure cases in judicial foreclosure states.

rogerrinaldi

THE VACANT DEAD: THE 50 US CITIES WITH THE MOST “ZOMBIE” FORECLOSURES

vacant dead

THE VACANT DEAD: THE 50 US CITIES WITH THE MOST “ZOMBIE” FORECLOSURES

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…

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