This past October, Bank of America earned a considerable amount of negative publicity after it announced it would pay $7,500 to tear down foreclosed houses in a handful of Midwestern cities.As it turned out, these were some of the most decrepit houses in cities such as Cleveland and Detroit and probably should have been torn down a long time earlier. It was more expensive to maintain the buildings than they were worth. Not all foreclosed houses, of course, warrant such rough treatment, which is a good thing because five years after the start of the recession, LPS Applied Analytics estimates there are still more than 6 million borrowers who are 30 days or more delinquent on their mortgage, with another 2 million homes already in the foreclosure process. Most foreclosed homes will eventually be resold as REO properties, but there are probably hundreds of thousands that will have a tougher time coming back into the marketplace. While not in great shape or in wonderful locatio...
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