Wednesday, June 4, 2008

Sticking lenders with the costs of keeping up vacant homes

"Weeds stand waist high on the front lawn of the wood-frame, single-family house in Cleveland's Slavic Village neighborhood. Trash spills out open doorways into the driveway and yard.

The city will have to pay someone to come in and clean up the lot, board up the windows and cut the lawn. Similar scenarios are playing out in communities all over the country wracked by soaring foreclosure rates, where vacant, rundown homes are springing up as quickly as the weeds in their yards."

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Sticking lenders with the costs of keeping up vacant homes

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