You’re not fining people out of existence when they run into trouble – you’re fining people out of existence when they don’t maintain their property. Which, if you ask me, sounds like a good idea. Or do you think it’s hunky dory to live next to three foot weeds, a green swimming pool and broken windows?

Also, they would sell it at auction, which presumably would be greater than refurb cost (I misspoke earlier). If that’s less than the current wishing prices, too bad – it’s the current market price. There’s no reason why that should “drive other owners out of their homes” as you claim – they already bought their homes. If they need to refinance to keep their homes, then they’ve already lost them, they just don’t know it yet.

We’ve got two bad choices – live on a street with abandoned homes, worth almost nothing, or live on a street with inexpensive, well maintained homes. There’s no third choice – you seem to imply there is. If you have one, let’s hear it.

But then if I thought that, I would be questioning the nobility and altruism of the local leaders.

My bad. It’s probably all being done from pure benevolence and I’d be proud to pour a bunch of my tax dollars into the plan!

Oh, and if the cities have any trouble moving the “flips” they could always offer some tax payer funded no down, no doc, no principal loans.

(Perhaps the great Orange One could help orchestrate as part of a “community service” arrangement.)

I have to ask myself, “Why aren’t these houses selling?”

If it was just a matter of no one wants a home in poor condition, then there would be a certain logic to what they are doing.

If it’s a case off “Too much inventory, not enough buyers” I don’t see how buying them, fixing them, then pricing them lower and competing against regular sellers will help anything.

The City of Dayton has a “nuisance property” policy where they bulldoze unwanted homes. THAT makes more sense to me.

I understand the logic, but it seems flawed if the time is not right to prop up these loser homes.

What good is trying to get these houses sold at today’s price, if it won’t be worth that much the next time the new homeowner goes through foreclosure when something happens and they have no equity to hold on to?

Kinda torn..

Government hasn’t paid their bills in years, they are broke, why isn’t someone foreclosing on them? Uh-oh, them is us.

Second, selling the home for just the cost of the refurb is likely to be well below the “real” value of the home, you run the risk of basically turning the area into a slum. This could further drive the other owners out of their homes, lowering prices even more, and taking away a large portion of the city’s tax base.