Banks Make Bad Neighbors
Recent news reports say Palm Beach County has 25,702 homes that are empty, bank-owned, but not on the market. The so-called shadow inventory is 78 percent higher than it was during the first quarter of 2012, according to RealtyTrac.
Banks are holding the properties off the market so they won’t have to record their real value on the books when the sale is considerably lower than the recorded mortgage. But banks are not good neighbors.
Reasons to care if your neighbor is struggling: Unpaid taxes, unpaid HOA fees.
Reasons to care if your neighbor’s house is part of the shadow inventory: Unpaid taxes, unpaid HOA fees, unkempt yard, vandalism, potential squatters.
It is in everyone’s best interest that homeowners get the best possible chance to remain in their homes, pay their taxes, cut their yards, and contribute to their communities.