General Discussion
In reply to the discussion: Has your home lost value? Do you think that banks are "just as scared as you?" [View all]Nuclear Unicorn
(19,497 posts)With foreclosures hitting like a Japanese tsunami there is a decade-plus housing inventory surplus. I asked my boss, who works in development and project management if it would be worth investing in foreclosed homes to rehabilitate and rent/sell and his reply was, "Yeah, in about 15 to twenty years." He says (jokingly) the best cure would be a nationwide arson spree, it would've been cheaper than TARP and actually address the problem. That's how deep inventory is. My dad works on the new home construction side and he's definitely taken a hit.
I read on DU not long ago a stat that we have 3 vacant homes for every homeless person -- not entire families, each individual PERSON -- in the US.
To invest in that sort of surplus seems like you're just throwing money down a hole. I guess we could assign "business acumen" along with "rhetorical polish" to the list of things Romney doesn't have, after all.