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On Foreclosures and Ripple Effects

By Brian C. Ledbetter · Wednesday, March 12. 2008 15:58
The Fairfax Times published an interesting article on the "ripple effects" of Fairfax County foreclosures earlier today. I don't have much to add on the topic, as I'm not the expert on these kinda things (he's over here), but I did find one particular paragraph to be especially enlightening:

In Fairfax County, foreclosures are especially concentrated in Springfield, Herndon and Centreville. Some of the homes in those areas represent recent purchases by landlords who converted the residences into illegal [Ed.:—Allow me to re-iterate: These are old single-family—as in around 2,000 sqft—homes that are illegally converted into apartment buildings.] boarding houses, often filled with illegal immigrants.

Accelerated attempts by county officials to crackdown on such residences [Ed.:—See here] may be having the unintended consequence of forcing the homes into foreclosure since landlords are less able to make mortgage payments with the loss of tenants.


Anyone able to find any actual negatives here?

Update: Scram, spare italics. Scram!
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Here is what a handful of random people think about this article. But first, the fine print:
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captainfish on 2008-03-13 23:26 #1
*italics is Brian's friend.

Its funny. What the government could not do, the failing economy has.
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Joel Johnson on 2008-09-11 01:28 #2
*I think this pretty much sums up the state of affairs when it comes to the real estate market and home foreclosures. Home foreclosures are on the rise still, as those who were able to hold out are starting to feel the pressure of the slowing economy. With the recent debacle at the federal level concerning Fanny Mae and Freddy Mac... this is going to be an issue for a long time coming. Now the mortgage companies are in so deep that it will take a long time for these lending institutions to recover. Check out some other organizations that have felt the pain <a href="http://foreclosurenow.net/organizations">Organizations</a> Not even the wealthy are immune to the gradual slowing of the economy. Take a look at some of the recent news about <a href="http://foreclosurenow.net/people">other people involved</a>. Or the latest <a href="http://www.foreclosurenow.net/news">news</a>! But we would never be in this mess if people weren't overspending their means.
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