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Homeless families are being relocated by agencies - some secretly, some openly - into vacant foreclosed properties, according to an article in the New York Times last week.One reader commented that this is like driving cars off a dealership's sales lot because nobody has bought them yet, and they're not being used, so "why not?"
These illegal squatters are contributing to CNN's report that "About a third of all of the foreclosed properties nationwide have been so damaged, either by the previous owners or by criminal gangs coming in after the foreclosure, that they no longer qualify for standard mortgage financing..."
"In many cases, it costs so much to rehabilitate these houses, it's
just not cost-effective," Thomas Popik of Campbell Communications told CNN. "And the properties are
eventually going to be bulldozed."
It's no wonder that there are more and more families looking for a roof over their head - legal or otherwise; Unemployment is up in 46 states, and in 8 states, unemployment rates are in the double digits, according to a recent article by the Wall Street Journal.
With such a dramatic increase in unemployment, many are turning to investing in real estate either as a "backup plan" while they're still employed, or full time as a new career.
This all has an impact on the stock market, too, where a "Data Roller-Coaster Pulls Down Real Estate Stocks" according to the Wall Street Journal:
It's no wonder that there are more and more families looking for a roof over their head - legal or otherwise; Unemployment is up in 46 states, and in 8 states, unemployment rates are in the double digits, according to a recent article by the Wall Street Journal.
With such a dramatic increase in unemployment, many are turning to investing in real estate either as a "backup plan" while they're still employed, or full time as a new career.
This all has an impact on the stock market, too, where a "Data Roller-Coaster Pulls Down Real Estate Stocks" according to the Wall Street Journal:
Industry watchers cheer one month, only to be disappointed the next... Housing starts fell 10.8% to a seasonally adjusted 510,000 annual rate compared to the prior month, while permits, an indicator of future building activity, also sank. Single-family starts were flat, following a slight increase...Have an exciting story you saw in the news that I should know about? Please post a comment below with a link to the story and why you think it's of interest.
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