Realizing Real Estate is Just a Liability - Banks Starting to Walk Away on Foreclosures

The New York Times - Susan Saulny - City officials and housing advocates here and in cities as varied as Buffalo, Kansas City, Mo., and Jacksonville, Fla., say they are seeing an unsettling development: Banks are quietly declining to take possession of properties at the end of the foreclosure process, most often because the cost of the ordeal — from legal fees to maintenance — [and elevated property taxes] exceeds the diminishing value of the real estate.

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