With financial unpredictability once again gripping the U.S. economy, one thing is for certain, average Americans will ultimately feel the brunt of the storm. Unfortunately, as current turbulence spills into the housing market, many parts of the U.S. are already experiencing above-average foreclosure levels. Florida, a state where home prices dropped nearly 14% since last year, has some of the highest foreclosure levels in the U.S. (see map above). As it turns out, some of these foreclosures might actually be the result of accidental banking errors.
This was the case for a Florida couple who got a foreclosure notice on their home which never had an outstanding mortgage. Oops. In a bold move, the couple turned the tables and foreclosed on the bank. John Oliver from The Daily Show reports on the strangely brilliant show-down:
Saw an article this morning on how the US government is asking rental landlords and property managers to step up the pace in areas dense with foreclosures as those foreclosed properties are driving down the median home values in those neighborhoods.
While a significant concern, perhaps the government should not have allowed the banks to create this disaster in the first place. The government needs to check their credit rating while they're at it!
Posted by: Miami Houses for Rent | Thursday, August 11, 2011 at 12:52 PM