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Friday, April 17, 2009

Experts: Some foreclosed homes too damaged to sell

Promised moratorium on foreclosure needed

"About a third of all of the foreclosed properties nationwide have been so damaged, either by the previous owners or by criminal gangs coming in after the foreclosure, that they no longer qualify for standard mortgage financing," Thomas Popik told CNN. "So there is going to be all kinds of government programs to help, but if they don't qualify for standard mortgage financing, there's no one to buy these properties."

Popik says responses from thousands of real estate agents nationwide to the questionnaires he sends out quarterly indicate that badly damaged foreclosed homes -- so-called "distressed" properties in real estate jargon -- are a much bigger element of the national housing picture than officials in Washington have acknowledged.

http://www.cnn.com/2009/US/04/16/damaged.foreclosures/index.html
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