Magazine Preview – All Boarded Up – How Cleveland is Dealing With Mass Foreclosure – NYTimes.com
March 8, 2009 § Leave a comment
This article shows that the depression has been longer building than the press has been able to report. Poor people sell, or leave, and the banks sell to monied buyers at very low prices. One expects that with time these prices will rise. That will make this group of speculators rich. More wealth transfer. Plot? Immoral? Politically unwise social policy?
BY MID-2007, IT BECAME CLEAR to Brancatelli that his was a city at the mercy of lenders and real estate wholesalers, who now owned thousands of abandoned properties in the city. Somehow, the city needed to hold these new land barons accountable for their vacant houses, so many of which were in utter disrepair.