What Happened to All Those Foreclosed Houses?

*
*
It turns out that Wall Streeters themselves formed profiteering investment groups that rushed out to scoop up tens of thousands of those foreclosed properties, usually grabbing them on the cheap at courthouse auctions in suburban metro areas that were hard-hit by the crash. History repeating itself – the exact same thing happened during the 1929 Depression.

Desultory Heroics

Wall Street bought them — and is now leasing them out and driving up rents.

By Jim Hightower

Source: OpEdNews.com

We know that millions of American families lost their homes after Wall Street’s 2007 financial crash. But where did all those houses go?

It turns out that Wall Streeters themselves formed profiteering investment groups that rushed out to scoop up tens of thousands of those foreclosed properties, usually grabbing them on the cheap at courthouse auctions in suburban metro areas that were hard-hit by the crash.

These moneyed syndicates have deep, deep pockets, so they easily outbid local buyers to take possession of the majority of the single-family homes being sold off in many distressed places.

Why are they buying? To turn the homes into rental properties and become the dominant suburban landlord, controlling the local market and constantly jacking up rents.

For example, the Wall Street Journal found that…

View original post 178 more words

One thought on “What Happened to All Those Foreclosed Houses?

  1. Pingback: WITH CRIMINAL INTENT: What Happened to All Those Foreclosed Houses? | RIELPOLITIK

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.