Welcome to the new blog portion of my website. I'm going to be discussing issues that arise in code enforcement and invite comments and ideas from you. In today's difficult economic environment, we're all struggling with how to perform our jobs with decreasing resources. We're being confronted with new challenges daily due to the foreclosure crisis (ever try to find a live person to speak with about pipes bursting in subzero weather in a foreclosed house with mold growing so bad the residence can't be salvaged?) In my practice as a municipal prosecutor, I deal with these questions daily. I'm also interested in how effective code enforcement can reduce crime in a community and I will be writing about that issue. While I can't give legal advice on this blog, I will be pointing out interesting cases that may be useful to you.Underwater Homes Increase
May 5th, 2009
The Wall Street Journal has an interesting story on “underwater” houses, those where the amount of the mortgage exceeds the value of the residence. It estimates that 1 out of 3 homes now fit this category. The article goes on to say that:
…borrowers who owe 30% more than their homes are worth are far more likely to walk away from their property than those who owe just 5% or 10% more and expect prices to rebound.
It’s important for local governments to consider the implications on the housing stock in their communities in light of this trend. The article can be found at:
http://online.wsj.com/article/SB124156804522089735.html
Category(ies): Foreclosure
