Leif Wellington Haase in Perfil.com | 'Real Estate Crisis and the End of the American Dream'

Communications — Thu, 24 Jul 2008 10:08:00 -0400

(Perfil.com, translated version)--...Finally, banks can seize the homes in 2007 were initiated 2.2 million procedures, according to RealtyTrac consultancy. The over-indebted families are expelled, the abandoned houses are degraded and this affects the level of the neighborhood, so the bank must liquidate the property, with lower market prices. "If there are many vacant houses, at some point this phenomenon occurs," says Leif Haase, a leader of the research centre New American Foundation, California... LINK to Article