“We have a real problem with property ownership right now in this country” — Florida homeowner; about 18:00 on the tape
Nov 02/10 – Pt 1: Foreclosures<– click here to go to CBC’s episode site (with pop-up audio file)
In the wake of the U.S. mortgage crisis, banks have seized millions of homes. This year alone, nearly 300,000 homeowners in Florida received foreclosure notices. Now, there are allegations that many of those home were seized unfairly. The Current’s Howard Goldenthal traveled to Florida to look into those allegations and how the scandal is touching the lives of a lot of Canadians.
UPDATE: CNBC’s Diana Olick is onto the same “Condo Vulture” delving into FL as one of the people Tremonti was speaking with:
“The anticipation and the anxiety in the market today is the same as in the boom; the difference is today it’s cash, during the boom it was all leverage, but it’s the same mentality. People are not buying to consume, to live to contribute, they’re buying to make money,” says Peter Zalewski of Condo Vultures. “These individual investors, primarily foreign, are basically parking their money, and what’s interesting is as people get foreclosed, and there have been 250,000 foreclosure filings down here, people are giving up their homes and moving into a similar type of lifestyle for reduced costs, so they’re keeping the rental rates higher than most people would have anticipated.”