When this article was written it was a time of turmoil in the global financial markets. Governments were struggling with budget deficits and negative cash flow. Largely because the crisis at hand, had forced them to buy up the private sectors bad debt. This was done to prevent the appearance that the equity in the country had been inflated with imaginary numbers for decades.
That however, was exactly what was going on. The members of society had taken to living way beyond their means. Spending money that wasn't even collected yet. Charging big ticket items like cars and homes. Buy now pay later was the word of the day.
Several years before this crisis began, when times were good and prosperity was in abundance, getting a loan was almost as easy as signing your name. Maybe a few hundred times, to confuse the issues but virtually anyone could buy a home with little or no money down.
To get an approval for a loan then, an individual could add income from another source to qualify. This led to large scale fraud, as the income source's were never properly investigated. This along with appraisers accommodating their loan officer employers, would inflate the appraised value of the home to make the real estate qualify for a loan, sometimes double the actual value of the property.Anyone of course with hindsight, can see that this road would very quickly lead to disaster. It did, and with disastrous effects. The real estate market led the rest of the financial world down the worst road it could take.
This world was called credit ville and it's taken several years of government absorbing debt and printing money. Throwing it at financial institutions to save them from demise, they believed was a necessity. If only to keep them around to pay, for their unbridled attack on the financial system.
These houses are typically run down or abandoned. They may have been ransacked for their copper, or other valuable building materials. Remember they we're lived in last, by someone who was getting the rug pulled out from under them. Taking good care of the property was not their highest priority.
There is a large supply of these foreclosed homes now and the numbers are increasing every day. Eventually it seems that over a quarter of the homes in the country could end up bank owned. These will mostly be distressed properties. Values for used homes are plummeting as I type.
All of these factors will lead to the banks virtually having to give away these homes, rather then take a total loss when they can't be sold. They will eventually rot into the ground, because the company doesn't know how to maintain them, or have the capacity to accomplish this.
These people are bankers, not painters and plumbers. They can't rent the units because the liability issues are too great. There in a fix and it's going to benefit America's common man very shortly. The cost of acquiring these homes is going to drop like a rock within the next few years. All of the indicators are there.
For once during mankind's existence on this planet, it seems the little guy is about to get a break for a change. American Houses For Free Take Them Away, hopefully is an article that many will take to heart. a great opportunity is about to present itself. A chance to own a piece of small town America for just about anyone who wants it.
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