Tags: foreclosure | damage

One in Three Foreclosures Badly Damaged

Friday, 17 Apr 2009 09:06 AM

One in three of all foreclosed homes are so damaged they cannot be financed for sale, says a national mortgage expert. Many will likely be demolished instead, suggesting rising government aid to speed foreclosures will hit some serious roadblocks, CNN reports.

Thomas Popik of Campbell Communications, a Washington-based group that supplies data to private mortgage industry analysts, told the cable network that so-called "distressed properties" are a much bigger slice of the pie than most understand.

"About a third of all of the foreclosed properties nationwide have been so damaged, either by the previous owners or by criminal gangs coming in after the foreclosure, that they no longer qualify for standard mortgage financing," Popik told CNN.

"In many cases, it costs so much to rehabilitate these houses, it's just not cost-effective," Popik said. "And the properties are eventually going to be bulldozed."

Read the Full Story Here

© 2017 Newsmax. All rights reserved.

1Like our page
2Share
StreetTalk
One in three of all foreclosed homes are so damaged they cannot be financed for sale, says a national mortgage expert. Many will likely be demolished instead, suggesting rising government aid to speed foreclosures will hit some serious roadblocks, CNN reports.Thomas Popik...
foreclosure,damage
147
2009-06-17
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved