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.High End Homes in Trouble
Inspectors in communities with high end homes should be vigilant in light of a recent Wall Street Journal article. http://online.wsj.com/article/SB125530360128479161.html?mod=rss_US_News Foreclosures are rising in the top end of the market and decreasing at the lower end. Many of these homes had exotic mortgages that allowed people to defer paying the principle. Now, however, they can’t refinance their way out of huge payments when the mortgages reset. I’ve seen this happen in my local community. My husband and I could never figure out how all of these young people with small children could afford the McMansions that were being built. We always wondered where the huge incomes came from to go along with the huge mortgage payments. I realize now that many of them were refinancing their way out of problems. Police officers told me that many of them were only half furnished. People were viewing homes as an investment instead of shelter. When the loan reset, it was time to refinance. But, a year ago the “music” stopped and owners couldn’t get a new loan, especially with home prices going down. That’s when the “For Sale” signs started appearing. We’ve seen a number of these behemoths sitting now for a few years without a sale. It’s a trend to keep on top of which is why I like vacant building ordinances.
Category(ies): Foreclosure
