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more zombie real estate

August 15, 2013

It’s been a while since I followed up on Zombie Real Estate and there was a short burst of it last month. Nothing much new here, mostly rehashing the RealtyTrac data and metaphors of zombie homes to refer to property caught in limbo between financial collapse, bank fraud, foreclosure delays, and people being screwed.

In the end of June there was an article that I think is from Marcie Geffner of Bankrate but cited as Marci Geffnera of AP in KitsapSun: RealEstate: Vacant ‘zombie’ homes vex neighbors by Marcis Geffnera(?) and in Sioux City Journal as same title and name misspelling: Vacant ‘zombie’ homes vex neighbors by Marcie Geffnera(!) but listed this time of Bankrate.

And in NPR end of June: In Phoenix, ‘Zombie’ Subdivisions Rise From The Dead by Peter O’Dowd

And in Highlands Today: “Zombie’ homes still a problem” by Gary Pinnell

And Morning Call: “Return of the zombies: How real estate can bite you even if you’ve abandoned it for dead” by Jack Romig.

And Buffalo News: Lawmakers propose bill targeting ‘zombie houses’ by Melinda Miller.

Maybe instead lawmakers could target the banks who caused the financial crisis and force those zombies to bail out the homeowners with lower interest and principal reductions.

In New York Magazine: “Economists: Sorry About That Mass Unemployment” by Jonathan Chait, about the Reinhart-Rogoff zombie math error

And while I wanted to get these zombie real estate links up onto the blog, I am really not eager to propagate this meme, which must be why I waited so long… As with Reinhart-Rogoff, confirmation bias is dangerous. But when they start talking about “zombie homes” it starts to seem like there is this class of evil property dragging down the whole system, but as I’ve written before, these are all individual unique stories of how the 2008 crash effected real peoples’ lives. There wouldn’t have to be mass foreclosure-limbo if the banks that have been given free money were forced to negotiate.


From → economics, money

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