How many ways can your home be devalued?
Lose it in a natural disaster, military action, eminent domain takeover, terrorist attack, bank foreclosure, auctions, .... and now..... "Foreclosure Pimps"!! No longer do we have "There goes the neighborhood", when homeowners let their yards and house maintenance go unchecked!!
I saw this Real Estate Broker on the news yesterday who buys up bank-foreclosed houses at 1-5 percent on the dollar, and flips them for thousands of percent profits!! Really!!
He is doing a good service, for himself, the banks and buyers, but for the Real Estate Market Values and Tax Assessment Values of entire neighborhoods and Communities, he and other "Foreclosure Pimps" are destroying any possibilities of house and community value appreciations!!
This is a national travesty that if left unchecked, will turn our homes into depreciating assets just like cars off the assembly lines and sales lots!! All party affilliates, Congress, President Bush and President Elect Obama, Governors, Mayors, and all Consumers: THIS IS DANGEROUS!!
Any opinions on this perspective?
