One of the byproducts of the big real estate slowdown is that many homes and buildings for which the owners can no longer afford payment are being foreclosed upon. Subsequently, they are abandoned. There's probably no more visible display of the downturn than neighborhoods filled with empty buildings.
Mint's blog has done a great job documenting some of these locations in this post. Kind of eery, really. And for a more extensive treatment of the issue, this weekend's NYT magazine features an article on the abandoned homes problem in Cleveland by one of my favorite authors, Alex Kotlowitz.
Thursday, March 05, 2009
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But what does that mean for people like me, who are about to run into a mound of cash?
I can finally fulfill my dream of being a slum lord.
You got it.
It's a good time to be buying your first home.
We're trying to buy a home in South Florida right now. I was amazed as well at the number of homes we visited that were completely vacant - many looking as if the previous family left in a dash.
However, it creates a second challenge - those that can afford a home now are snatching up the good ones pretty quickly. So far, our house hunt has felt like a race to the bank with an offer - and we've lost every race so far.
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