Jingle Keys Cost Taxpayer Half a Trillion
Boston taxpayers spent $10,120 last year maintaining a derelict condominium building on Hendry Street.
One of the three apartments belongs to Morgan Stanley and another to Dallas-based leveraged buyout firm Lone Star Funds. Cleveland spent $10 million last year boarding up and demolishing foreclosed buildings.
Almost 1 million U.S. homes were seized last year, the highest ever and more than double the pace of 2006, and this year another 1 million will be seized.
The public's bill for maintaining foreclosed properties abandoned by lenders and investors may reach as much as $50 billion this year.
The decline in real estate values may lower the tax base for cities and towns by as much as $356 billion in 2008 and 2009.
The Nattering One muses... If the decline in values continues, which it will, and foreclosures ramp up exponentially this year, which they will...
The cost to the taxpayer will be well beyond the $400 billion estimated here.
Thanks for making those RE sales, home loans, issuing title ins and closing escrow on these bonafide deals folks.
Don't lie, you knew and took the blood money anyway. Now you and everybody else pays.
Hattip to Bloomberg.
One of the three apartments belongs to Morgan Stanley and another to Dallas-based leveraged buyout firm Lone Star Funds. Cleveland spent $10 million last year boarding up and demolishing foreclosed buildings.
Almost 1 million U.S. homes were seized last year, the highest ever and more than double the pace of 2006, and this year another 1 million will be seized.
The public's bill for maintaining foreclosed properties abandoned by lenders and investors may reach as much as $50 billion this year.
The decline in real estate values may lower the tax base for cities and towns by as much as $356 billion in 2008 and 2009.
The Nattering One muses... If the decline in values continues, which it will, and foreclosures ramp up exponentially this year, which they will...
The cost to the taxpayer will be well beyond the $400 billion estimated here.
Thanks for making those RE sales, home loans, issuing title ins and closing escrow on these bonafide deals folks.
Don't lie, you knew and took the blood money anyway. Now you and everybody else pays.
Hattip to Bloomberg.
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