LOL
Your perspective is all wrong. Think of all the jobs that could be created if we just start demolishing houses by the thousands. We could make it a law that a foreclosed home had to be levelled. Soon there would be a demand for more housing as more and more people were left homeless. Think of the money people would save if they didn't have to pay for a mortgage. Then there would be a huge demand for housing as people would want some place to live. More houses would get built and because there would be so many extra houses, they would be affordable. Hence, low and no income people could afford to pay on mortgages. The whole housing market problem would be fixed.
TA-DA! (is a tag needed here?)
My apologies for such poor thinking on my part.....Your scenario is perfection. And, of course, the EPA would have to be involved to monitor the disposal of the asbestos and lead-based paint in the older homes. Just think of all the new jobs that alone would create!
Why do I keep seeing a vision of a whole nation of Detroits?
Already happening in NJ & NY.
Also happening in Detroit & Cleveland.
With the amount of completely trashed foreclosed homes out there, that might not be a bad idea. I have seen these foreclosed homes that were bought by former renters, they are worse than some of my rentals condition after a tenant moves out. Funny, Freddie and Fannie almost always fix up the homes so they can be sold. They are losing thousands in value and putting additional taxpayer monies into fixing them up? Astonishing!
There are $75-$100,000 fixers all over. Some are not that bad, the mortgage payment for a $75,000 home with 20% down at 3.525% interest over 30 years is less than $300 a month plus taxes and insurance. It is a tax shelter extraordinaire!!