US banks are foreclosing on crappy, formerly overpriced sub-prime housing and then not taking title to it, in order to avoid the taxes. This could create suburban abandoned zones of boarded-up houses,where the local tax-base is depleted, undermining schools and services.
The local market conditions are what seems to determine the abandonment decision. In a region where the job and real estate market is doing anything better than "a little soft," I would surmise that abandonment makes no sense at all.
However, at a certain point, in a weaker region, with declining neighborhoods, certain lenders might make the decision to simply walkaway from a large swath of (potential) real estate holdings, on the simple basis that it might be cheaper to do so.
Alex Wood is an addict but won’t give up his smartphone. But he has five strategies for limiting its control over him: “I used to wake up tired. My body would ache and my head felt sore, like waking up with a hangover. Finally, I took control, like attending an AA class for addicts, I […]
Ok, it’s not just solar powered. It’s also an anti-theft, waterproof marvel that keeps my phone’s power bar from ever getting into the red.Sure the idea seems obvious now – tuck a gigantic solar powered battery pack into an exposed slot and turn the wearer into a walking energy harvester. Simple maybe, but I didn’t […]
When you can’t wait for the world’s longest meeting to end, the mindless leg bouncing makes your boredom obvious and just annoys everybody else. Everyone knows the TPS reports need the damn cover sheet, but some sadistic colleague keeps forgetting, probably on purpose just to eat into your lunch hour. Enough is enough!While serving a […]
What could be more fun than a slingshot that shoots tiny airplanes? A slingshot that shoots tiny glowing airplanes of course! These toy planes are outfitted with ultra-bright LEDs, so you can fly all night without losing them in the trees.Whether you are a regular-sized child, or an overgrown adult one, these light-up flyers offer […]
You know the drill. You go to the dentist and they ask you how often you floss. You lie through your teeth and say, “every day!” (Bonus points if you have some cilantro or chives stuck in your gums from lunch). You don’t want to keep up the charade any longer, but rubbing that tiny strand […]