Vacant, Distressed Homes Perfect for Developers
The problem of how to deal with a glut of foreclosed homes has been burdening the real estate market for a number of months. While shadow inventory continues to drive down home prices in many areas, some bank-owned properties have fallen prey to the bulldozer, according to the Washington Post.
Empty homes can be a bane to a neighborhood and to mortgage lenders tasked with maintaining vacant residences. Fortunately, we don’t see this too much north of Montana. Buyers are quick to jump on distressed homes simply because they are being sold at lot value and many of these buyers are developers. It’s a perfect fit.