Repossessed and Derelict Homes Raise Concerns
People living in neighborhoods with most of the homes abandoned or repossessed are raising concern at their safety with respect to fire hazards and other risks. The sheer number of foreclosed and abandoned homes cannot be dealt with in a swift manner due to the fact that not many people are prioritizing buying homes. Even with today’s rock-bottom prices that are still falling, people are still not buying for fear of financial stability and with good cause for even some of the biggest financial institutions have been hit to the core.
Bailout has stabilized the market somewhat but homes continue to be foreclosed at so fast a rate coty planners and managers cannot cope with the safety and inspection of such numerous properties. Homeowners who have managed to keep out of foreclosure are asking for help from the respective housing authorities on how these derelict homes are to be dealt with and secured so as to ensure the safety of all.